Export and import prices are both down for March, according to a Labor Department report (link opens in PDF) released today.
After bumping up 0.6% in February on high fuel prices, a subsequent 1.9% fuel price drop pushed import prices down 0.5% for March. Export prices also dipped, down 0.4% after February's 0.7% increase.
Market analysts were on the nose for imports, having expected a 0.5% decrease. Exports, however, missed analysts' mark of a 0.1% increase.
On a country-level basis, import prices from China dropped 0.2% for March and are down 1.1% for the last 12 months. European Union import prices fell 0.7% from February.
Agricultural prices have been a major driver behind export price increases over the last year, but a 1.8% slump for March prices was the primary pull behind export's month-over-month price reversal.