U.S. import prices rose by 4.2 percent year-over-year this April, per the Bureau of Labor Statistics’s Import and Export Price Indexes report Thursday morning. This is the highest year-over-year (YOY) increase since October 2022.

Fuel import prices increased 16.3 percent in April for the month, following a 10 percent increase in March, as the war in Iran continues. Over a 12-month period, petroleum import prices increased by 22 percent.

Export prices rose similarly for the month of April, with an increase of 3.3 percent over the month and 8.8 percent YOY. This is the highest YOY increase since September 2022. Energy shocks and monetary infusions have driven up prices for production and export prices reflect higher producer costs at home.