Expensive Fuel Pushes Import Prices Up 0.9%

Export prices increased as import prices soared for February, according to a Labor Department report (link opens as PDF) released today.

Import prices gained 0.9% month over month for February for the third straight month of increases. Analysts weren't expecting such a jump, having predicted just 0.5% growth. The main reason behind February's rise was fuel. Import fuel prices increased 5.1% as nonfuel import prices fell 0.2%, due primarily to cheaper capital goods and foods.

In the past 12 months, overall import prices are down 1.1%.


Source: Labor Department 

Export prices increased 0.6%, exceeding analyst expectations of 0.2% growth. Agricultural prices jumped 1.7% after a 0.4% dip in January. Prices for nonagricultural exports increased 0.6%, the largest percentage gain since February 2013. Export prices have been on a roll recently, steadily increasing every month since a 0.6% decline last October.

Despite February's increase, export prices are down 1.3% over the last year.

Source: Labor Department 

On a regional basis, import prices from Canada increased 2.3% (primarily due to more expensive fuel), while China imports fell 0.4% in price.

The article Expensive Fuel Pushes Import Prices Up 0.9% originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.