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Oil fuels import price rise
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April 8, 1999: 11:13 a.m. ET
March import prices up 0.1% after biggest petroleum boost since '96
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NEW YORK (CNNfn) - The biggest increase in petroleum import prices since 1996 helped boost overall import prices by 0.1 percent in March, the U.S. Department of Labor reported Thursday.
That compares with a 0.1 percent decrease in import prices in February. The world's generally weak economy has reduced import prices by 3 percent since March 1998.
Export prices were down 0.3 percent in March, compared with the revised figure of a 0.2 decline. Weak markets for U.S. goods have led to a 2.7 percent decline in export prices since March 1998.
Petroleum import prices rose 7.7 percent in March, the biggest gain since the 8.5 percent increase in April. Reduced production by the Organization of Petroleum Exporting Countries announced last month have ended a prolonged slump in oil prices that had translated into cheaper gasoline for American drivers.
Despite the increase, petroleum prices remained 12.5 percent lower from March 1998.
Offsetting the petroleum increase somewhat were a 0.8 percent decline in imported capital goods prices and a 0.6 percent dip in food import prices.
A 3 percent drop in agricultural prices was the key to the export price drop.
Treasury prices were little changed after the 10 a.m. ET report. The U.S. 30-year bond was down 1/32 to 96-8/32, yielding 5.50 percent. 
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