WASHINGTON – U.S. import prices rose 0.4%, rising for the seventh consecutive month in February, with increases in all categories except fuels and lubricants and nonmetals related to durable goods.
Fuel imports posted the first monthly decrease since July when the index fell 1.0%.
Overall fuel prices fell 0.6%, much lower than the series of gains in the past few months, and lower than the 3.2% seen in January. Petroleum prices fell 0.5%, with an even larger 3.0% decline in natural gas prices. Crude also fell 1.5% in the month.
However, despite these declines in fuels, import prices were up 0.5% excluding petroleum and were up 0.5% excluding all fuels. There was strength across the board in February, with foods, feeds, and beverages rising 1.1%, making it the largest increase since September.
Capital goods rose 0.6% in the month which was the largest increase since April 2008 when it rose 0.9%. Autos were also up in the month and consumer goods, excluding autos rose 0.5%, the highest percentage increase since January 2014.
Overall import prices were up 3.5% year/year, while prices excluding fuels were up 2.1% year/year and prices excluding petroleum were up 2.1% year/year, which indicates that despite the declines this month, energy prices were still leading the rise for imported inflation.
By region, prices for imports from most industrialized countries were higher, with the one exception being from Mexico, which declined by 0.5% in February. However, Canada did see a soft 0.2% gain, smaller than the previous 1.4% increase.
Total export prices rose 0.2% in February as agricultural export prices rose 0.6%. Export prices excluding agriculture saw a 0.2% increase. Export prices were up 3.3% from a year earlier and were up 3.6% excluding agriculture.
