US Import Prices Increase by Less Than Expected in March, Rise Anticipated Due to War Maritime Activity Reports, Inc. April 15, 2026 © Adobe Stock/Kalyakan U.S. im port  prices increased less than expected in March, though the trend still pointed to firming im port ed inflationary pressures as the Middle East conflict boosts oil prices and snarls supply chains. Economists shrugged off the re port  from the Labor Department on Wednesday and said they expected the oil price surge from the U.S.-Israeli war with Iran to show in April's im port  price data. "The less-than-expected increase in im port  prices most likely reflects timing differences between when the oil that entered U.S.  port s was shipped and the spot price of oil," said John Ryding, chief economic advisor at Brean Capital. "The average crude oil price arriving in the United States in March was up 7.8% compared to a Brent price of 45.5%. The bulk of the March oil price increase has yet to show up in this re port ." Im port  prices rose 0.8% last month after a downwardly revised 0.9% gain in February, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast im port  prices, which exclude tariffs, increasing 2.0% after a previously re port ed 1.3% rise in February. The BLS asks businesses to provide im port  prices for the first business day of the month, or as close to that day as possible. Oil prices have jumped more than 35% since the conflict started at the end of February. President Donald Trump has imposed a blockade of the Strait of Hormuz, which halted seaborne trade in and out of Iran. The war has also disrupted shipments of commodities, including fertilizer. In the 12 months through March, im port  prices shot up 2.1%. That was the largest year-on-year rise since December 2024, and followed a 1.0% increase in February. "Whether it is higher shipping costs from supply disruptions or foreign manufacturers no longe