April 13, 2007 (The Editor’s Desk is updated each business day.)

Import prices in March 2007

The U.S. Import Price Index rose 1.7 percent in March. The increase followed a 0.1-percent rise in February and was led by an increase in petroleum prices.

[Chart data—TXT]

The price index for petroleum increased 9.0 percent in March following a 0.6-percent rise in February, and was the largest one-month jump since April 2006. The two consecutive advances in petroleum prices followed declines in four of the previous five months. Petroleum prices increased 2.4 percent over the past year.

Nonpetroleum prices increased 0.3 percent in March, following a modest 0.1-percent advance in February. The price index for nonpetroleum imports increased 2.9 percent over the past 12 months while overall import prices advanced 2.8 percent for the same period.

The March increase in nonpetroleum prices was led by a 1.3-percent advance in prices for industrial supplies and materials. The increase in industrial supplies and materials was driven by higher metals and natural gas prices. The price index for unfinished metals increased 2.4 percent in March and 25.3 percent over the past 12 months.

Export prices rose 0.7 percent for the second consecutive month, as both agricultural prices and nonagricultural prices contributed to the advance. Agricultural prices increased 2.1 percent for the month and 20.2 percent over the past year. Higher corn, vegetables, meat, and wheat prices all contributed to the increase. Nonagricultural prices rose 0.6 percent for the month and 4.2 percent for the year ended in March. Overall export prices rose 5.3 percent for the March 2006-2007 period, the largest 12-month increase since September 1995.

These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - March 2007" (PDF) (TXT), news release USDL 07-0526.