US import prices beat expectations

US import prices rose 1.8 per cent in April, just slightly more than expected, lifted by both higher petroleum and non-petroleum prices for the second consecutive month, the US Labor Department today.

US export prices rose by a less-than-expected 0.3 per cent, the smallest monthly gain since September, as agriculture and food export prices dipped.

Overall export prices had advanced at least 1 per cent in each of the previous three months, the report showed.

Analysts polled by Reuters had forecast a 1.7 per cent rise in import prices after a 2.9 per cent gain in March, which was previously reported as 2.8 per cent.

They also forecast a 0.8 price rise in export prices after a 1.5 per cent gain in March, which was unrevised.

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