The report released
by the Labor Department on Friday revealed the U.S. import-price index gained 0.4
per cent m-o-m in February, following an upwardly revised 0.4 per cent m-o-m increase
(from +0.3 per cent m-o-m) in January.
Economists had expected
import prices to slip 0.1 per cent m-o-m last month.
According to
the report, the February advance was mainly due to a 1.7 per cent m-o-m surge
in fuel import prices. In addition, prices for
non-fuel imports grew 0.3 per cent m-o-m.
Over the
12-month period that ended in February, import prices were up 2.0 per cent, reflecting a 2.8 per cent climb in fuel prices
and a 2.0 per cent jump
in non-fuel prices.
The report also
showed that the price index for U.S. exports edged up 0.1 per cent m-o-m in February, following an unrevised 1.3 per cent m-o-m surge in the previous month.
Economists had anticipated
export prices to drop 0.2 per cent m-o-m in February.
The February uptick in the U.S. export-price index was underpinned by a 0.8 per cent m-o-m soar in prices for agricultural
exports and a 0.1 per cent m-o-m advance in prices for non-agricultural exports.
Over the past
12 months, the price index for exports surged 2.1 per cent, driven by a 2.2 per cent climb in prices of non-agricultural
exports and a 0.6 per cent increase in prices of agricultural exports.