The report issued
by the Labor Department on Friday showed the U.S. import-price index increased
0.3 per cent m-o-m in February, following an unrevised 0.8 per cent m-o-m jump in January. Economists had forecast
import prices to rise 0.3 per cent m-o-m last month.
According to
the report, the February gain reflected a 1.8 per cent m-o-m surge in fuel
import prices and a 0.2 per cent m-o-m uptick in
prices for non-fuel imports.
Over the
12-month period that ended in February, import prices fell 0.8 per cent, driven
by a 4.1 per cent tumble in fuel
prices and a 0.5 per cent drop in non-fuel prices. This marked the 13th
straight annual decline in import prices, but the weakest one since February
2023 (-1.1 per cent).
The report also
revealed that the price index for U.S. exports soared 0.8 per cent m-o-m in February,
following an upwardly revised 0.9 per cent m-o-m surge (from +0.8 per cent
m-o-m) in the previous month. Economists had predicted
export prices to advance 0.2 per cent m-o-m in February.
The February jump
in the U.S. export-price index was attributable to a 0.8 per cent m-o-m surge
in prices for non-agricultural exports and a 0.8 per cent m-o-m soar in prices for agricultural
exports.
Over the past
12 months, the price index for exports declined 1.8 per cent, reflecting an 8.9
per cent slump in prices of agricultural exports and a 1.0 per cent m-o-m fall in
prices of non-agricultural exports. That was the weakest 12-month drop since February 2023 (-0.8 per cent).