Summary
- US import prices in February rose 0.4% more than expected due to rising fuel prices.
- Unlike economists' predictions, the rise rather than fall in import prices could impact inflation, according to the report.
- The main causes were identified as rising import fuel prices and consumer goods prices excluding automobiles.
Significant Impact from Rising Fuel Prices
Data suggesting inflation impact has been added as import prices in February rose more than expected due to increasing fuel prices.
On the 18th (local time), the US Department of Labor announced that US import prices in February increased by 0.4%. January's import price was also revised upward to 0.4%. According to a Reuters poll, economists had predicted import prices would rise 0.3% in January followed by a 0.1% decrease in February.
Export prices in February rose 0.1%. In the previous month, they had increased by 1.3%.
Over the 12 months through February, import prices were up 2.0%, following a 1.8% increase in January.
The higher import prices were largely influenced by imported fuel prices, which surged 3.5% in January and then rose 1.7% in February. Import food prices increased 0.2% in January and remained unchanged in February. Import prices excluding fuel and food jumped 0.4% in February after showing no change in January.
Core import prices over the 12 months through February rose 1.4%, a relatively modest increase as the US dollar strengthened against the currencies of major trading partners.
Import capital goods prices fell 0.2% after rising 0.1% in January. Prices for imported automobiles, parts, and engines remained unchanged. Consumer goods excluding automobiles surged 0.4% after declining for two consecutive months.
Kim Jung-a, Contributing Writer kja@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
