The Labor Department reported on Wednesday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 1.2 percent m-o-m in March, following an unrevised 1.3 percent m-o-m gain in February. Economists had expected prices to increase 1.0 percent m-o-m last month.

According to the report, the March gain was driven by higher prices for both fuel (+6.3 percent m-o-m) and nonfuel (+0.8 percent m-o-m) imports.

Over the 12-month period ended in March, import prices surged 6.9 percent, with higher fuel (+54.3 percent; the largest 12-month advance since February 2017) and nonfuel (+3.8 percent; the largest 12-month increase since October 2011) prices contributing to the climb. This was the largest over-the-year advance since the year ended January 2012.

For Q1, the import prices recorded a 4.1-percent increase, the largest 3-month rise since May 2011.

Meanwhile, the price index for U.S. exports jumped 2.1 percent m-o-m in March, following an unrevised 1.6 percent m-o-m increase in the previous month.

The March rise was driven by higher prices for both agricultural exports (+2.4 percent m-o-m) and nonagricultural exports (+2.0 percent m-o-m).

Over the past 12 months, the price index for exports rose 9.1 percent, reflecting surges in prices of both agricultural exports (+20.5 percent; the largest over-the-year rise since September 2011) and nonagricultural exports (+7.9 percent; the largest over-the-year advance for the index since September 2011). This represented the largest over-the-year increase since September 2011.

Over Q1, the price index for exports jumped 6.5 percent. This marked the largest 3-month increase since the index was first published in September 1983.