U.S. Import, Export Prices Unexpectedly Increase In February

(RTTNews) - A report released by the Labor Department on Tuesday showed an unexpected increases by U.S. import and export prices in the month of February.

The Labor Department said import prices climbed by 0.4 percent in February, matching an upwardly revised increase in January.

Economists had expected import prices to edge down by 0.1 percent compared to the 0.3 percent growth originally reported for the previous month.

The report also said the annual rate of growth by import prices accelerated to 2.0 percent in February from 1.9 percent in January.

The unexpected monthly increase by import prices partly reflected a continued surge by prices for fuel imports, which jumped by 1.7 percent in February after spiking by 3.5 percent in January.

Prices for non-fuel imports also rose by 0.3 percent in February after inching up by 0.1 in January, as higher prices for non-fuel industrial supplies and materials and consumer goods more than offset lower prices for capital goods.

The Labor Department also said export prices inched up by 0.1 percent in February after jumping by 1.3 percent in January. Export prices were expected to dip by 0.2 percent.

Meanwhile, the report said the annual rate of growth by export prices slowed significantly to 2.1 percent in February from 2.7 percent in January.

The modest monthly increase by export prices came as prices for agricultural exports climbed by 0.8 percent in February after edging down by 0.2 percent in January.

Prices for non-agricultural exports also crept up by 0.1 percent in February after jumping by 1.5 percent in January amid higher prices for consumer goods, capital goods, automotive vehicles, and non-agricultural foods