U.S. import prices declined 0.2 percent in March, the U.S. Bureau of Labor Statistics reported today, following increases in each of the 3 previous months. The March downturn was driven by lower fuel import prices which more than offset rising nonfuel prices. In contrast, the price index for U.S. exports increased 0.2 percent in March, after advancing 0.3 percent in February.

Prices for U.S. exports rose 0.2 percent in March, continuing an upward trend since the index last fell on a monthly basis in August. Higher prices for agricultural exports and nonagricultural exports each contributed to the advance in March. U.S. export prices also increased over the past year, rising 3.6

percent for the year ended in March. That matched the 12-month advance recorded in December 2011 and was the largest over-the-year increase since the index rose 4.8 percent in November 2011.