US import, export prices rise in February, more than estimates

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices rose in February on a monthly basis, coming in higher than market expectations, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports increased 0.3% last month, rising for the second consecutive month.

The estimate for the figure was to show a gain of 0.2%, after advancing 0.8% in January.

"The February and January advances were the first consecutive increases since September and August 2023," the agency said in a statement. "The February increase was the largest advance since a 6.4-percent rise in September 2023."

"Prices for import fuel rose 1.8 percent in February, after advancing 1.2 percent the previous month," it added. "Higher prices for petroleum and natural gas in February each contributed to the overall increase in import fuel prices."

On an annual basis, however, US import prices in January decreased 0.8%.

Export prices, meanwhile, increased 0.8% in February, compared to the previous month.

The market expectation for the figure was to show a 0.2% advance, while the gain in January was revised up to 0.9% from 0.8%.

Annually, however, prices for US exports were down 1.8% in February, compared to the same month of last year.

"That was the smallest 12-month drop since the index decreased 0.8 percent from February 2022 to February 2023," said the statement.