WASHINGTON – Import prices rose 0.6% in February, the largest rise since May, compared with expectations for a 0.4% gain.
Excluding-petroleum, import prices rose 0.1% in February, and were flat excluding all fuels. Total fuel prices rose 4.9%, while petro prices alone rose 4.7%.
Import prices were down 1.3% year/year, an improvement from the 1.7% decline in January. Excluding petroleum, prices were down 0.5% year/year, the largest 12-month decrease since September 2016 (-0.6%), after a 0.4% year/year decline in January.
Outside of the energy components, the import gains were seen in industrial supplies excluding fuels and consumer goods, offset by a declines in foods, feeds, and beverages and capital goods.
Export prices rose 0.6% in February and were up 0.7% outside of a 0.3% gain in agricultural prices.
Import prices from Canada rose 2.3%, while prices from China were flat, but were down 0.7% year/year, the largest 12-month decline since October 2017 (-0.8%). Prices from Mexico rose 0.5% and were up 0.4% from the EU, though prices from Germany specifically were flat.
