Import Prices Show Modest Decrease Amid Steep Drop in Fuel Prices

(RTT News)

With fuel prices under pressure, the Labor Department released a report on Tuesday showing a modest decrease in import prices in the month of February. The report also showed a drop in export prices. The report showed that import prices fell by 0.3% in February after rising by 1.3% in January. The modest decrease was largely due to a 1.9% drop in fuel import prices, which pulled back after surging up by 4.9% in the previous month.

Excluding the drop in fuel prices, import prices actually edged up by 0.2% in February compared to a 0.4% increase in the previous month. On an annual basis, total imports prices were up 11.2% compared to the same month a year ago, while non-fuel import prices were up 2.0% year-over-year.

The Labor Department also said that export prices fell by 0.5% after increasing by 0.7% in January. A notable 3.8% drop in the prices of agricultural exports contributed to the decrease. Export prices edged down by a more modest 0.2% excluding the drop in prices of agricultural exports. This compares to a 0.7% increase in non-agricultural export prices in January. Compared to the same month a year ago, total export prices were up 3.1% and non-agricultural export prices were up 3.3%.