U.S. import and export prices both rose by slightly more than anticipated in the month of February, according to a report released by the Labor Department on Thursday.
The report said import prices edged up by 0.2 percent in February after climbing by an upwardly revised 0.6 percent in January.
Economists had expected import prices to inch up by 0.1 percent compared to the 0.4 percent increase originally reported for the previous month.
The Labor Department said the increase in import prices was driven by a rebound in non-fuel prices, which rose by 0.3 percent in February after slipping by 0.1 percent in January.
Rising prices for non-fuel industrial supplies and materials, consumer goods, and foods, feeds, and beverages led the way higher.
On the other hand, the report said prices for fuel imports fell by 0.7 percent in February after surging up by 7.2 percent in January.
Prices for both petroleum and natural gas contributed to the decrease, falling by 0.7 percent and 1.3 percent, respectively.
Meanwhile, the Labor Department said export prices rose by 0.3 percent in February after edging up by an upwardly revised 0.2 percent in January.
Export prices had been expected to rise by 0.2 percent compared to the 0.1 percent uptick that had been reported for the previous month.
The report said prices for agricultural exports spiked by 1.4 percent in February after inching up by 0.1 percent in January. A 24.3 percent jump in prices for vegetables drove the increase.
Prices for non-agricultural exports also increased by 0.3 percent in February after edging up by 0.2 percent in January.
Higher prices for capital goods and non-agricultural industrial supplies and materials more than offset lower consumer goods prices.
Compared to the same month a year ago, import prices were up by 4.6 percent in January, while export prices were up by 3.1 percent.
by RTT Staff Writer
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