US import prices rose 0.9% in April, driven by energy costs and goods, suggesting sustained domestic inflation.

US import prices rose by 0.9% in April, driven by rising energy costs and other goods, marking the largest monthly increase since March 2022. This suggests domestic inflation could remain elevated, strengthening expectations for the Federal Reserve to begin cutting interest rates in September. The 12-month import price increase reached 1.1% in April, the largest gain since December 2022.