U.S. import prices jump 1.9% in April as fuel costs hit four-year high

Import prices in the United States rose sharply in April, driven by a surge in fuel costs that marked the strongest monthly increase in four years, according to data released by the Labor Department’s Bureau of Labor Statistics on Thursday.

Prices increased 1.9% in April after a revised 0.9% gain in March, compared with economists’ forecast of a 1.0% rise following an earlier reported 0.8% increase.

On a yearly basis, import prices climbed 4.2% in April, the highest annual increase since October 2022 and up from 2.3% in March.

The rise was led by imported fuel prices, which jumped 16.3% in April, the largest increase since March 2022, following a 10.0% gain in the previous month.

Imported food prices also increased 0.9%, while prices excluding food and energy rose 0.7% after a 0.2% rise in March.

Within other categories, imported capital goods rose 1.1%, consumer goods excluding autos increased 0.4%, while automotive vehicles, parts and engines fell 0.1%.

The data showed broad-based price increases across trading partners. Import prices from China rose 0.8%, the strongest gain since July 2008, while prices also increased for goods from Japan, the European Union and Mexico.

Imports from Canada saw the steepest rise among major partners, jumping 5.6%, the largest increase in four years.

Economists said the inflationary pressure reflects broader global disruptions, including energy supply shocks linked to instability in the Middle East and shipping disruptions in the Strait of Hormuz, which have pushed up costs for oil, fertilizer and industrial inputs.

The report follows recent U.S. inflation data showing rising consumer and producer prices, reinforcing expectations that the Federal Reserve may maintain its benchmark interest rate in the 3.50%–3.75% range through 2027.