US import prices rose by 0.9% in April, well above the 0.3% increase expected in a survey compiled by Bloomberg as of 7:40 am ET and following a 0.6% gain in March.
U.S. import prices rose by the most in two years in April amid rising costs for energy products and other goods, suggesting that domestic inflation could remain elevated for a while.
Excluding a 2.9% increase in petroleum prices, import prices still rose by 0.7% in April after a 0.1% March increase. A much more modest 0.1% gain was expected for April.
Excluding all fuels, import prices were also up 0.7% in April.
Export prices increased by 0.5% in April, above expectations for a 0.2% gain and following a 0.1% increase in March. Export prices were up 0.7% excluding a 0.9% drop in agricultural commodity prices.