U.S. Import Prices Drop Less Than Expected In February
March 13 2020 - 06:11AM
RTTF2
Primarily reflecting a steep drop in fuel prices, the Labor
Department released a report on Friday showing a decrease in U.S.
import prices in the month of February.
The Labor Department said import prices fell by 0.5 percent in
February after inching up by a revised 0.1 percent in January.
Economists had expected import prices to slump by 0.8 percent
compared to the unchanged reading originally reported for the
previous month.
The drop in import prices came as prices for fuel imports
plummeted by 7.7 percent in February after falling by 0.6 percent
in January, with petroleum prices leading the way lower.
Excluding fuel prices, import prices rose by 0.3 percent in
February after edging up by 0.2 percent in the previous month.
Higher prices for non-fuel industrial supplies and materials,
foods, feeds, and beverages, and capital goods all contributed to
the February advance.
The report also showed a substantial decrease in export prices,
which tumbled by 1.1 percent in February after climbing by a
revised 0.6 percent in January.
Export prices had been expected to inch up by 0.1 percent
compared to the 0.5 percent increase originally reported for the
previous month.
The unexpected nosedive in export prices was partly due to a
sharp pullback in prices for agricultural exports, which plunged by
2.7 percent in February after jumping by 2.1 percent in
January.
The Labor Department said falling prices for vegetables,
soybeans, and meat in February more than offset higher fruit
prices.
Prices for non-agricultural exports also slumped by 1.0 percent
in February after climbing by 0.6 percent in January, with the
decrease reflecting lower prices for non-agricultural industrial
supplies and materials.
Compared to the same month a year ago, import prices in February
were down by 1.2 percent, while export prices were down by 1.3
percent.
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