US export prices show largest monthly gain since January 1989

By Ovunc Kutlu

ANKARA (AA) - US export prices showed the largest monthly gain since January 1989, according to government figures released Wednesday.

Prices gained 3% in February, following a 2.8% gain in January, the Bureau of Labor Statistics said in a report.

On an annual basis, prices for exports increased 16.6% in February.

"Higher prices for both agricultural and nonagricultural exports in February contributed to the overall advance in US export prices," the report said.

As for imports, the increase in monthly US import prices slowed in February.

On a monthly basis, import prices rose 1.4% in February, after advancing 1.9% in January.

Annually, import prices increased 10.9% in February.

Import fuel prices rose 6.9% in February, after increasing 7.7% the previous month, while import petroleum prices soared 52.8% in the last year, according to the report.