US import prices rise 0.7% in March

US import prices rose in March on strong petroleum prices, a government report showed yesterday, but underlying import cost pressures were more subdued as the dollar strengthened. Import prices rose 0.7 per cent after falling a revised 0.2 per cent in February, the Labour Department said. Analysts polled had forecast import prices would rise 0.9 per cent in March from a previously reported 0.3 per cent fall. In the 12 months to March, import prices rose 11.4 per cent. March's monthly rise reflected a 4.0 per cent increase in the price of imported petroleum and petroleum products after a 1.4 per cent decline in February.

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