Prices of Imports Continue To Climb

Washington, DC, May 13, 2008--The price of U.S. imports rose slightly more than expectations in April but goods other than oil were at a record high for the second consecutive month, according to the Labor Department.

Overall import prices rose 1.8 percent in April, after rising an upwardly revised 2.9 percent in March. Economists were predicting a 1.7 percent price increase in April.

Non petroleum import prices rose 1.1 percent in April, tying March's 20-year record high.

In the last 12 months, prices other than petroleum rose 6.2 percent, the largest 12-month gain since 1988.

Petroleum import prices also increased in April by 4.4 percent. In the last 12 months, petroleum prices rose 57.2 percent.

Overall import prices rose 15.4 percent over the last 12 months, which is the largest annual gain since the index was first published in 1982.

Products from Canada rose 2.6 percent in April, while the price of goods from China rose 0.2 percent.

U.S. export prices in April rose 0.3 percent, the smallest monthly gain since last September. They're up 7.7 percent over the last 12 months.