U.S. Import Prices Down 4.8 Percent Over Year Ended April 2023

Prices for commodity imports into the U.S. declined over the year ended April 2023, decreasing 4.8% over these 12 months, which was the largest over-the-year decrease since May 2020.

Prices for imported industrial supplies and materials decreased 17.0% over the past 12 months, after increasing 36.8% over the year ended April 2022 and 52.4% over the year ended April 2021. Within this category, import petroleum prices declined 25.7% and import natural gas prices decreased 45.7% from April 2022 to April 2023. The decrease in natural gas prices was the largest 12-month decrease since April 2015.

Prices for automotive vehicles, parts, and engines imports increased 1.9 percent over the past year after increasing 3.1% over the year ended April 2022.