US import prices rise strongly in February

US import prices rise strongly in February

The US Department of Labor said today that US import prices rose 1.3% in February versus 1.4% in January, supported by an 11.1% rise in imported fuel prices in February versus 9.0% in January, in addition to a 1.6% increase in imported food prices.

On an annual basis, US import prices rose 3.0% in the twelve months to February, the largest gain since March 2012, and primary import prices excluding fuel and food rose 0.3% in February versus 0.9% in January. The data also showed that US export prices rose 1.6% in February after rising 2.5% in January, and year on year, export prices rose 5.2% in the twelve months to February, the largest increase since June 2018.