By Xavier Fontdegloria

The price of imported goods to the U.S. stabilized in April driven by a drop in oil prices.

Import prices were unchanged in April compared with the previous month, down from the 2.9% monthly increase registered in March, according to data from the Labor Department released Friday. Economists polled by The Wall Street Journal expected a 0.6% rise.

U.S. import prices haven't recorded a monthly decline since December 2021, when the index fell 0.4%.

In April, higher nonfuel prices offset lower fuel prices. Petroleum prices declined 2.9% on month after increasing 19.4% in March, the data showed.

On an annual basis, U.S. import prices rose 12% in April, easing from the 13% on-year advance registered in March.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

(END) Dow Jones Newswires

May 13, 2022 09:01 ET (13:01 GMT)