WASHINGTON — U.S. import prices declined 0.3% in February, the first drop in seven months, as fuel prices fell, the Labor Department reported today.
Import prices excluding petroleum rose 0.2%, and all non-fuel imports also rose 0.2%. Imports excluding fuel have risen for seven consecutive months.
Export prices declined 0.5%, the first decline since September, and increased 3.1% year-over-year.
Fuel prices, which rose 4.9% in January, fell 1.9% in February. A 2.2% decline in petroleum prices was slightly offset by a 2.6% increase in natural gas prices.
Economists expected import prices to decline 0.2% for the month, according to the median estimate from Thomson Reuters.
Import prices jumped 1.3% in January, revised lower from the 1.4% increase initially reported.
For the year ended in February, import prices increased 11.2%, following a 11.5% increase in the January year-over-year period.
Non-fuel industrial supplies and materials import prices increased 1.0%, the seventh consecutive monthly increase. Auto import prices were flat for the month.
