Export prices rise more than import prices in March, both exceed consensus

Imports

U.S. import prices advanced 1.2 percent in March, 1.3 percent in February, and 1.4 percent in January; the 4.1-percent increase from December to March was the largest 3-month rise for import prices since the index advanced 5.8 percent in May 2011. The price index for U.S. imports increased 6.9 percent from March 2020 to March 2021, the largest over-the-year advance in the index since a 6.9-percent rise for the year ended January 2012.

Fuel Imports: Import fuel prices rose 6.3 percent in March, after increases of 11.7 percent in February, 8.4 percent in January, and 7.3 percent in December. The increases over the past 4 months were mostly driven by higher petroleum prices. Prices for import petroleum advanced 6.7 percent in March following a 32.3-percent rise from November to February. The price index for natural gas also increased in March, advancing 3.6 percent following an 18.0-percent increase the previous month. Import fuel prices rose 54.3 percent for the year ended in March, the largest 12-month advance for the index since a 68.9-percent increase in February 2017. The price indexes for petroleum and natural gas also rose on a 12-month basis in March, increasing 53.9 percent and 91.0 percent, respectively.   

All Imports Excluding Fuel: Prices for nonfuel imports rose 0.8 percent in March following increases of 0.5 percent in February and 0.9 percent in January. The March advance was driven by higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; and consumer goods. Nonfuel import prices rose 3.8 percent from March 2020 to March 2021, the largest 12-month increase since the index advanced 4.8 percent in October 2011.    

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials ose 3.9 percent in March, after advancing 1.5 percent in February. The March increase was led by higher prices for metals, building materials, and chemicals.     

Finished Goods: Prices for most of the major finished goods categories increased in March. The price indexes for capital goods and consumer goods ticked up 0.1 percent for the second consecutive month and automotive vehicle prices recorded no change.   

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 2.0 percent in March, after a 1.4-percent increase the previous month. In March, an 11.0-percent advance in fruit prices and a 7.7-percent rise in food oil prices more than offset a 7.0-percent drop in vegetable prices.