US import prices rise more quickly than expected in February

Prices of goods purchased overseas rose more quickly than expected at the start of 2019 on the back of more expensive fuel imports.

According to the US Department of Labor, import prices increased at a 0.6% month-on-month pace in February (consensus: 0.3%) following an upwardly revised gain of 0.1% for January.

The preliminary estimate for January had shown a drop of 0.5%.

Fuel import prices climbed by 4.9% versus the previous month, while non-fuel import prices were unchanged.

Nonetheless, versus a year ago the import price index was down by 1.3%, versus where it stood at one year ago, when it was up by 3.3%.

On the export side of the equation, prices rose by 0.6%, breaking three consecutive months of declines, led by a 0.7% rise in those for non-agricultural goods.

Agricultural export prices meanwhile were up by 0.3%.