Import Prices Accelerate To The Fastest Pace In A Year

oil refinery

Photo: Crystalline Radical on flickr

Import prices rose 1.3 per cent in March, which is the biggest gain since April 2011, according to an Economic News Release by the Bureau of labour Statistics.Petroleum imports are a big driver behind the rising overall price of imports, as they increased 4.3% in March. Fuel imports were up 3.8%, also the highest since April of last year. Nonfuel imports were up 0.5% in comparison.

Export prices also rose 0.8% in March, with agricultural exports rising 2.7% compared to non-agricultural exports which rose 0.5%.

Don’t Miss Why Tapping The Strategic Petroleum Reserve Is A Horrendous Idea >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.