The United States import results for the month of April managed to strike positive figures but fall short on most analysts’ expectation. The delivery reports were heavily weighed by the massive and unexpected drop in food prices.
The surprising dip in food prices for the month of April hints the latest inflation movement in the country. The sudden price changes signal the increasing inflation pressure as it slowly creeps higher and higher this year.
Furthermore, the strong and resilient expectation for the cost of petroleum products drops on the same month. The declining food prices managed to influence the petroleum prices.
Import Price Figures
The Labor Department reported the latest April figures last Friday. According to the department, the import prices were up by an impressive 0.3 last month. The import prices managed to recuperate some of its momenta after being down a total of 0.2% in the prior month.
On a recent poll conducted by economists and analysts, the results showed that the April import price is expected to climb by a total of 0.5%. On the other hand, the price changes managed to increase by a total of 3.3% on the past 12 months.
According to reports, the data came after a great and a positive monthly report. The consumer and wholesale price reading for the month of April came in as an agreeable and positive change in the market.
Furthermore, the cost of imported food managed to dip on the previous month by a total of 0.4%. This is the second consecutive time that the imported food prices have shed some significant levels in the market.
More Figures from April
On the brighter side, the imported motor vehicles managed to score a better result than the imported food. It managed to increase by a shy 0.1%, while the consumer goods also managed to increase by 0.1% on the same period.
The cost of goods imported from China also saw some declining figures amidst the potential trade wars debacle. The goods imported managed to fall by 0.1% in April after having a stellar 0.2% increase last March.
On the other hand, the gradual increasing pace in the local inflation will certainly peak on the Federal Reserve’s interest. The growing inflation will surely hit another round of discussions and talks on the possibility of the next interest rate hike.
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!