U.S. import prices rose less than expected in April as a rebound in the cost of petroleum products was tempered by a drop in food prices, the latest indication that inflation pressures were increasing moderately.
The Labor Department said on Friday import prices rose 0.3 percent last month. Data for March was revised to show import prices falling 0.2 percent instead of being unchanged as previously reported.
Economists polled by Reuters had forecast import prices rising 0.5 percent in April. In the 12 months through April, import prices increased 3.3 percent, matching March’s gain.
The report came on the heels of data this week showing tame monthly consumer and wholesale price readings in April. But with oil prices rising in recent days, economists expect prices to push higher in the coming months.