Export prices rose 1.5 percent in March, after advancing 1.1 percent and 1.2 percent for the prior two months. This is according to data released by the U.S. Department of Labor's Bureau of Labor Statistics.
The rise in the export price index in March was the largest one-month increase for the index since overall export prices were first published monthly in December 1988. The index advanced 7.9 percent over the past year, the largest 12-month advance since an 8.7 percent increase for the September 1987-1988 period.
Both the monthly and annual increases were driven by higher agricultural prices, up 4.1 percent in March and 33.4 percent over the past 12 months. Soybeans and corn prices were the largest contributors to the March increases, rising 9.6 percent and 7.9 percent, respectively. In contrast, the increase over the past year was led by a 145.2 percent jump in wheat prices.
Non-agricultural prices advanced 1.2 percent in March which was the largest monthly rise since October 1990. The index increased 5.6 percent over the past year.
This data is from the BLS International Price program. Export price data is subject to revision. Learn more in "U.S. Import and Export Price Indexes -- March 2008," news release USDL 08-0457.
