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Import and Export Prices Rise

iHub News
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April 12 2024 9:11AM

Import prices in the U.S. increased by slightly more than expected in the month of March, according to a report released by the Labor Department on Friday.

The report said import prices climbed by 0.4 percent in March after rising by 0.3 percent in February. Economists had expected import prices to increase by another 0.3 percent.

Import prices also rose by 0.4 percent compared to the same month a year ago, marking the first year-over-year increase since January 2023.

Meanwhile, the Labor Department said export prices rose by 0.3 percent in March after climbing by a revised 0.7 percent in February. The increase in export prices matched economist estimates.

Compared to the same month a year ago, export prices were down by 1.4 percent in March following a 1.8 percent slump in February.

At 10 am ET, the University of Michigan is scheduled to release its preliminary reading on consumer sentiment in the month of April. The consumer sentiment index is expected to edge down to 79.0 in April after jumping to 79.4 in March.

Kansas City Federal Reserve President Jeffrey Schmid is due to speak on the economic and monetary policy outlook before the Agricultural Commodity Futures Conference.

At 2:30 pm ET, Atlanta Federal Reserve President Raphael Bostic is scheduled to speak and participate in a moderated conversation on housing before the Confronting America’s Housing Crisis: Solutions for the 21st Century Symposium.

San Francisco Federal Reserve Mary Daly is due to speak before a hybrid 2024 Fintech Conference on The Evolution of Fintech – AI, Payments, and Financial Inclusion at 3:30 pm ET.