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3mo ago

U.S. Import Prices Edge Higher in April as Tariff Impact Remains Limited

Nonfuel and capital goods drive a modest 0.1% rise in import prices, while fuel costs decline, signaling tariffs have yet to trigger significant supply shocks.

A cargo ship full of shipping containers is seen at the port of Oakland as trade tensions escalate over U.S. tariffs, in Oakland, California, U.S., March 6, 2025. REUTERS/Carlos Barria/File photo
Image
LOS ANGELES, CA - MAY 9, 202: Container ships are among the few unloaded and loaded at the Port of Los Angeles on May 9, 2025 in Los Angeles, California. Trump's tariff's are plunging volume as much as 35% as ships from China cancel their trips to the Port of Los Angeles.(Gina Ferazzi / Los Angeles Times via Getty Images)

Overview

  • The Bureau of Labor Statistics reported a 0.1% increase in U.S. import prices for April, following a 0.4% decline in March.
  • Nonfuel goods prices rose 0.4% and capital goods surged 0.6%, marking the largest increase for capital goods since early 2022.
  • Fuel import prices dropped 2.6%, reflecting declines in petroleum and natural gas, contributing to an overall dampening of inflationary pressures.
  • Despite new tariffs introduced in early April, data suggests U.S. demand for foreign goods remains resilient, with no major supply shocks observed so far.
  • Federal Reserve Chair Jerome Powell cautioned about the potential for persistent supply shocks, complicating inflation management, as inflation expectations for the next year rose to 7.3%.