ISTANBUL

US import and export prices rose in March on a monthly basis, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports increased 0.4% last month, rising for the third consecutive month. The estimate for the figure was to show a gain of 0.3%, after advancing 0.3% in February.

While the gain in March was the largest monthly increase since September 2023, the import price index rose 1.4% over the first quarter of 2024 -- the biggest quarterly increase since the period of February-May 2022.

"Higher prices for fuel and nonfuel imports contributed to the overall increase," the agency said in a statement. "The price index for import fuel rose 4.7 percent in March, after increasing 1.3 percent the previous month."

On an annual basis, US import prices in March increased 0.4% from the same month of last year.

Export prices, meanwhile, increased 0.3% in March, compared to the previous month, recording the largest monthly increase since February 2023.

The market expectation for the figure was to show a 0.3% advance, while the gain in February was revised down to 0.7% from 0.8%.

"Export consumer goods prices increased 0.5 percent, after being unchanged in February," said the agency. "Higher prices in March for jewelry and household and kitchen appliances drove the increase in consumer goods prices."

Annually, however, prices for US exports were down 1.4% in March, compared to the same month of last year.