Prices for U.S. imports rose 0.1 percent in April following a revised 0.4-percent drop the previous month (previously -0.1 percent) and compared to expectations for a 0.3 percent drop in the Econoday survey of forecasters. Higher non-fuel import prices drove the increase.

U.S. import prices increased by just 0.1 percent compared to April 2024.

March's revised decline almost completely negates January and February's cumulative 0.5 percent rise in import prices. This, combined with April small increase, indicates little inflationary pressure from imports pre-tariffs. That might no longer be the case going forward, however, based on the jump in prices excluding fuel.

Nonfuel import prices were up 0.4 percent in March, following a 0.1 percent decline the previous month. Higher prices for capital goods, nonfuel industrial supplies and materials, consumer goods, and automotive vehicles drove the advance, the BLS said.

Import prices for nonfuel industrial supplies and materials increased 0.8 percent in April, after a 0.1 percent uptick in March. Import prices for capital goods increased 0.6 percent, the largest monthly rise since a 0.9 percent jump in January 2022.

Import prices for automotive vehicles rose 0.2 percent in April, the largest single-month increase since October 2024. Import prices for consumer goods increased 0.3 percent in April, the first monthly increase since October 2024.

Prices for nonfuel imports rose 1.2 percent over the past year.

Prices for imported fuel dropped 2.6 percent in April, after a 3.4-percent decline in March, and plunged 12.0 percent compared to a year ago.

The prices for U.S. exports were up 0.1 percent in April, the same pace reported for the previous month. Given April's small monthly increase, U.S. export prices rose by just 2.0 percent over the past year.

Imports and exports both expected down 0.3 percent on the month.

Import price indexes are compiled for the prices of goods that are bought in the United States but produced abroad and export price indexes are compiled for the prices of goods sold abroad but produced domestically. These prices, which exclude tariffs and taxes, measure underlying inflationary trends in internationally traded products.

Changes in import and export prices are a valuable gauge of inflation here and abroad. Furthermore, the data can directly impact the financial markets such as bonds and the dollar. The bond market is especially sensitive to the risk of importing inflation because it erodes the value of the principal (the original investment) which is paid back when the bond matures. It also decreases the value of the steady stream of interest rate payments on this type of security. Inflation leads to higher interest rates and that's bad news for stocks, as well. By monitoring inflation gauges such as import prices, investors can keep an eye on this menace to their portfolios.