Import prices rise 0.2% in February, better than expected
Posted by: in Stocks Money NewsFiled under: Economic data, Agriculture
Import prices increased 0.2% in February 2008 — lower than expected — as imported oil prices declined for the second time in three months, the U.S. Labor Department announced Thursday, in a statement.
Economist surveyed by Bloomberg News had expected import prices to rise 0.6% in February 2008. Import prices increased 1.7% in January 2008. In February 2008, imported petroleum prices declined 1.5%.
Meanwhile, exports prices increased 0.9% in February 2008, as U.S. exporters received stronger prices for agricultural products. These have experienced strong international demand as emerging markets spend more on food as their economies develop and real incomes rise.
Turning back to imports, the price indexes for consumer goods, automotive vehicles, and capital goods all rose, up 0.3%, 0.2%, and 0.1%, respectively. Conversely, foods, feeds and beverages prices edged down 0.1%, the first decline for the index since a 0.2% decrease in March 2007. Still, prices for foods, feeds and beverages have increased 11% in the past 12 months.
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