U.S. import prices spike in March

Fueled by a drastic jump of 9.1% in petroleum import costs, the price of imports increased 2.8% in March, according to the U.S. Department of Commerce. The bump in prices comes after a more modest 0.2% increase in the cost of all imports in February and a decrease of 1.9% in petroleum import costs. Prices for petroleum have risen 60% over the past 12 months, following a rise of just 3.1% over the year before. Import costs for crude oil also rose in March — by 8.4% — after a gain of only 0.2% in February. Non-petroleum import costs increased by 1.1% in March, the largest documented increase in the price index since its inception in 1988. Consumer goods were up 0.5%, following a 0.4% gain in February. Export prices were up 1.5%, fueled mainly by increases in the costs of agricultural products, up 4.9% in March.