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US import prices rise 0.4% in February

U.S. import prices went up 0.4% on a monthly basis in February after a downwardly revised 0.8% increase in the previous month, with higher non-fuel prices more than offsetting a decline in imported fuel prices, the Bureau of Labor Statistics reported.

Prices for fuel imports fell 0.6% in February, the first decline since July 2017, with petroleum and natural gas prices contributing to the monthly decrease.

Non-fuel import prices rose 0.5%, unchanged from the monthly rate of increase in January.

Overall import prices climbed 3.5% for the 12-month period ended in February after climbing 3.4% in the 12 months through January, with fuel import prices rising 17.4% and prices for non-fuel imports increasing 2.1%.

Export prices edged up 0.2% month on month in February after a 0.8% gain in January. Over the past 12 months, the price index for exports rose 3.3%.

Agricultural export prices advanced 0.6%, driven by higher prices for corn and soybeans. It was the largest increase since October 2017 when prices were up 2.0%.

Non-agricultural export prices ticked up 0.2% in February after a 0.8% increase in the previous month.

In the 12 months through February, agricultural export prices rose 0.8% and non-agricultural export prices increased 3.6%.