Similar to the April readings of producer prices and consumer price inflation, import prices increased less than expected last month. Total import prices rose 0.3 percent, while revisions show prices now declined in March.
Higher oil prices last month sent the cost of fuel imports up 1.3 percent, while nonfuel imports edged up 0.2 percent. Nonfuel industrial supplies continue to lead the gains.
| Trade restrictions look to be having a fairly muted impact on aluminum prices, which have slowed since last fall. Prices for iron and steel have picked up a bit, but not to the extent seen in 2017.
The slide in the dollar since late 2016 and improved global demand has helped nonfuel import prices climb 1.8 percent over the past year, versus a 1.0 percent gain this time last year. The dollar’s recent strength, however, could weigh on near-term gains.
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