Import prices rise 1.4% in February on higher nonfuel prices; export prices advance 3.0%
Source: U.S. Bureau of Labor Statistics
Economic News Release USDL-22-0467
U.S. Import and Export Price Indexes summary
Transmission of material in this release is embargoed until 8:30 a.m. (ET) Wednesday, March 16, 2022
Technical information: (202) 691-7101 * MXPinfo@bls.gov * www.bls.gov/mxp
Media contact: (202) 691-5902 * PressOffice@bls.gov
U.S. IMPORT AND EXPORT PRICE INDEXES - FEBRUARY 2022
U.S. import prices rose 1.4 percent in February, after advancing 1.9 percent in January, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices drove the increases in both months. Prices for U.S. exports advanced 3.0 percent in February following a 2.8-percent rise the previous month.
Imports
The price index for U.S. imports increased 1.4 percent in February following a 1.9-percent advance in January and a 0.4-percent decline in December. U.S. import prices rose 10.9 percent over the past 12 months. (See table 1.)
Fuel Imports: Import fuel prices advanced 6.9 percent in February, after increasing 7.7 percent the previous month. Higher petroleum prices more than offset a decrease in natural gas prices. Prices for import fuel rose 53.0 percent for the year ended in February. The price index for import petroleum increased 8.1 percent in February following a 7.9-percent rise in January. The February advance was the largest monthly increase for the index since October 2021. Import petroleum prices increased 52.8 percent over the past year. In contrast, natural gas prices declined 10.0 percent in February, after rising 6.8 percent in January and decreasing 10.5 percent in December. Despite recent drops, the index advanced 61.6 percent from February 2021 to February 2022.
All Imports Excluding Fuel: Prices for nonfuel imports increased 0.8 percent in February following a 1.3-percent rise the previous month. Nonfuel import prices have not recorded a monthly decline since November 2020. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; consumer goods; and automotive vehicles all contributed to the February advance in nonfuel import prices. The price index for nonfuel imports increased 7.2 percent over the past 12 months, the largest over-the-year advance since 12-month percent changes were first published in December 2002.
Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices rose 1.5 percent in February, after increasing 3.5 percent in January. The February advance was led by higher prices for fruit, fish and shellfish, and meat, which more than offset lower vegetable prices.
{snip}
Exports
U.S. export prices rose 3.0 percent in February, after a 2.8-percent advance the previous month. The February increase was the largest monthly rise since 1-month percent changes were first published in January 1989. Higher prices for both agricultural and nonagricultural exports in February contributed to the overall advance in U.S. export prices. Prices for U.S. exports increased 16.6 percent for the year ended in February. (See table 2.)
Agricultural Exports: Prices for agricultural exports increased 3.0 percent in February following a 2.9-percent rise in January. In February, higher prices for soybeans, corn, and cotton more than offset lower nut prices. The price index for agricultural exports increased 18.2 percent over the past year.
{snip}
U.S. Import and Export Price Index data for March 2022 are scheduled for release on Thursday, April 14, 2022 at 8:30 a.m. (ET).
Read more: https://www.bls.gov/news.release/ximpim.nr0.htm
* * * * *
[center]Facilities for Sensory Impaired[/center]
Information from these releases will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200, Federal Relay Services: 1-800-877-8339.