FOREX TradingCharts.com

Financial News: U.S. Import Prices Rise 0.3 In February, In

U.S. Import Prices Rise 0.3 In February, In Line With Estimates

03/15/2024 - 10:02:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Friday showed import prices in the U.S. increased in line with economist estimates in the month of February.

The Labor Department said import prices rose by 0.3 percent in February after climbing by 0.8 percent in January. The uptick matched expectations.

The modest increase in import prices largely reflected a continued surge in prices for fuel imports, which shot up by 1.8 percent in February after jumping by 1.2 percent in January amid higher prices for petroleum and natural gas.

Prices for non-fuel imports also crept up by 0.2 percent in February after rising by 0.7 percent in January, as higher prices for consumer goods, foods, feeds, and beverages, capital goods and automotive vehicles more than offset lower prices for non-fuel industrial supplies and materials.

While import prices increased for two straight months for the first time since August-September 2023, prices were down by 0.8 percent compared to the same month a year ago.

"Despite higher fuel prices, monthly increases in the headline import price index decelerated sharply in February, signaling that January's strong gain was not the start of a trend," said Matthew Martin, U.S. Economist at Oxford Economics.

He added, "The Fed will put more weight on the CPI and PPI reports earlier this week, which showed progress toward its target has slowed, but the February import price report lends some confidence that the impact on goods prices from recent supply disruptions and higher shipping costs may not be as severe as January's report signaled."

Meanwhile, the report said export prices climbed by 0.8 percent in February following an upwardly revised 0.9 percent increase in January.

Economists had expected export prices to edge up by 0.2 percent compared to the 0.8 percent advance originally reported for the previous month.

The much stronger than expected export price growth reflected higher prices for both agricultural and non-agricultural exports.

Prices for agricultural exports rebounded by 0.8 percent in February after slumping by 1.0 percent in January, while prices for non- agricultural exports increased by 0.8 percent in February after jumping by 1.1 percent in January.

Export prices in February were still down by 1.8 percent compared to the same month a year ago, although that represents the smallest year-over-year drop since a 0.8 percent decrease from February 2022 to February 2023.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia PMI Data Due On Monday (04 hr(s), 53 min(s), 42 sec(s) ago)
(RTTNews) - Australia will on Monday see preliminary April results for its manufacturing and servi ...Full Story»

Malaysian Economic Growth Fastest In A Year (14 hr(s), 56 min(s), 42 sec(s) ago)
(RTTNews) - Malaysia's economic expansion accelerated in the first quarter, driven by positive ...Full Story»

Greece Current Account Deficit Widens (15 hr(s), 39 min(s), 42 sec(s) ago)
(RTTNews) - Greece's current account deficit increased in February from a year ago due to a de ...Full Story»

Spain Trade Gap Narrows Slightly (16 hr(s), 31 min(s), 42 sec(s) ago)
(RTTNews) - Spain's foreign trade deficit decreased somewhat in February from a year ago as im ...Full Story»

UK Retail Sales Stable In March (18 hr(s), 04 min(s), 42 sec(s) ago)
(RTTNews) - UK retail sales were unchanged on a month-on-month basis in March, defying expectation ...Full Story»

Italy Construction Output Falls 3.9% (18 hr(s), 18 min(s), 42 sec(s) ago)
(RTTNews) - Italy's construction output decreased for the first time in five months in Februar ...Full Story»

German Producer Prices Fall At Slower Pace In March (20 hr(s), 19 min(s), 42 sec(s) ago)
(RTTNews) - Germany's producer prices continued to decline in March, though at the slowest pac ...Full Story»

Japan Inflation Data Due On Friday (04 hr(s), 53 min(s), 42 sec(s) ago)
(RTTNews) - Japan will on Friday release March national figures for consumer prices, highlighting ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia PMI Data Due On Monday

04/21/2024 - 18:03 PM (RTTNews)
(RTTNews) - Australia will on Monday see preliminary April results for its manufacturing and servi ...Full Story>>

Malaysian Economic Growth Fastest In A Year

04/19/2024 - 08:00 AM (RTTNews)
(RTTNews) - Malaysia's economic expansion accelerated in the first quarter, driven by positive ...Full Story>>

Greece Current Account Deficit Widens

04/19/2024 - 07:17 AM (RTTNews)
(RTTNews) - Greece's current account deficit increased in February from a year ago due to a de ...Full Story>>

Spain Trade Gap Narrows Slightly

04/19/2024 - 06:25 AM (RTTNews)
(RTTNews) - Spain's foreign trade deficit decreased somewhat in February from a year ago as im ...Full Story>>

UK Retail Sales Stable In March

04/19/2024 - 04:52 AM (RTTNews)
(RTTNews) - UK retail sales were unchanged on a month-on-month basis in March, defying expectation ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.