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US Import Prices Rise in February

U.S. import prices rose in February after seven months of declines as the cost of petroleum increased, but there was still little sign of imported inflation pressures.

The Labor Department said on Thursday import prices gained 0.4 percent after a revised 3.1 percent plunge in January.

Economists polled by Reuters had forecast import prices rising 0.2 percent after a previously reported 2.8 percent decline in January.

In the 12 months through February prices fell 9.4 percent.

Between June and January, crude prices fell 60 percent on fears of a global oil glut and the refusal of Saudi Arabia and other OPEC members to cut output. Last month, Brent stabilized at around $60 and U.S. crude at around $50.

Last month, imported petroleum prices rose 8.1 percent after tumbling 20.6 percent in January. Imported food prices dipped 0.2 percent after sliding 1.6 percent in January.

Import prices excluding petroleum fell 0.4 percent in February after January’s 0.6 percent drop. That reflects the dollar’s strength against the currencies of the country’s main trading partners, which is contributing to keeping inflation below the Federal Reserve’s 2 percent target.

via CNBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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