U.S. import prices rose less than expected in April as increases in the cost of ...
WASHINGTON - U.S. import prices rose less than expected in April as increases in the cost of petroleum and food were tempered by the largest decrease in the price of capital goods in 10 years, suggesting inflation could remain tame for a while.
Economists said while inflation was not too low for the U.S. central bank to cut rates this year, the Trump administration’s escalating trade war with China, if it starts to impact economic and job growth, could force the Fed’s hand. Import prices increased 0.2% last month after an unrevised 0.6% increase in March. Economists polled by Reuters had forecast import prices would climb 0.7% in April.The dollar was trading slightly higher against a basket of currencies, while U.S. Treasury prices were trading mostly lower. Stocks on Wall Street rebounded after recent steep declines.Inflation could get a boost from last week’s move by President Donald Trump to raise tariffs on $200 billion worth of Chinese goods to 25% from 10%.
In April, prices for imported fuels and lubricants rose 2.5% after surging 6.9% percent in the prior month. Prices for imported petroleum jumped 6.1% percent after rising 5.3% in March. Imported food prices rebounded 2.8% last month, the largest increase since July 2016, after falling 0.2% in March. Though the dollar has weakened a bit this year, its gains last year against the currencies of the United States’ main trading partners continue to depress core import prices.
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