US import prices rise 1.9 percent on higher fuel costs
US import prices rose 1.9 percent in April as fuel costs saw their largest gain in four years. The increase followed shipping disruptions in the Middle East.
United States import prices rose 1.9% in April as fuel costs recorded their largest increase in four years. The surge exceeded the 1.0% gain predicted by economists polled by Reuters following an upwardly revised 0.9% rise in March. The jump reflected disruptions to global shipping tied to U.S.-backed conflict with Iran.
### Energy Disruptions Drive Broad Inflationary Pressure Import prices vaulted 4.2% in the 12 months through April, the largest year-on-year increase since October 2022. The Bureau of Labor Statistics reported that the U.S.-backed conflict with Iran has disrupted shipping in the Strait of Hormuz. These disruptions drove a 16.3% jump in imported fuel prices last month, the sharpest advance since March 2022.
