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U.S. import prices up 0.4 percent over the year ended March 2024

April 22, 2024

Prices for U.S. imports, all commodities, increased 0.4 percent over the year ended March 2024, the first 12-month increase since January 2023.

12-month percent change in U.S. import prices, selected industries, March 2024
Description Percent change, Mar. 2023 to Mar. 2024

Mining (except oil & gas)

-8.4

Primary metal manufacturing

-4.6

Paper manufacturing

-3.4

Plastics & rubber products manufacturing

-2.2

Computer & electronic product manufacturing

-1.9

Fabricated metal product manufacturing

-1.6

Electrical equipment, appliance, & component manufacturing

-1.5

Furniture & related product manufacturing

-0.8

Apparel manufacturing

-0.1

Chemical manufacturing

-0.1

Nonmetallic mineral product manufacturing

0.2

All commodities

0.4

Machinery manufacturing

0.8

Food manufacturing

1.0

Miscellaneous manufacturing

1.3

Petroleum & coal products manufacturing

1.8

Beverage & tobacco product manufacturing

2.1

Transportation equipment manufacturing

2.7

Oil & gas extraction

6.6

Animal production

8.8

Crop production

14.2

Comparing imports by industry, prices in mining (except oil and gas) decreased by 8.4 percent over the year ended March 2024. Primary metal manufacturing prices decreased 4.6 percent, while paper manufacturing prices were 3.4 percent lower compared with a year earlier.

Prices in oil and gas extraction were 6.6 percent higher than a year earlier. Animal production and crop production prices were up 8.8 percent and 14.2 percent, respectively.

Prices for petroleum and coal products manufacturing products increased 1.8 percent for the 12 months ended March 2024. Petroleum prices rose 7.5 percent over the year; in contrast, prices for natural gas fell 50.3 percent.

These data are from the International Price program. To learn more, see "U.S. Import and Export Prices — March 2024." Also see more charts on import and export price trends. These data may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. import prices up 0.4 percent over the year ended March 2024 at https://www.bls.gov/opub/ted/2024/u-s-import-prices-up-0-4-percent-over-the-year-ended-march-2024.htm (visited June 21, 2024).

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