US import prices rose for the fifth consecutive month in February as political turmoil in the Middle East helped pushed oil prices higher, a US Labour Department report showed on Tuesday. Import prices jumped 1.4 percent, significantly more than the consensus forecast of 0.9 percent in a Reuters poll of economists. Fuel import prices accounted for most of the increase, rising 4.0 percent compared to non-fuel prices which rose 0.3 percent.
Export prices rose 1.2 percent, or almost double the consensus estimate of 0.7 percent, led by a 4.4 percent rise in agricultural export prices. Food, feed and beverage prices rose 2.8 percent. Oil prices rose 3.7 percent in February and were 20.6 percent higher than in the same month last year. Political turmoil in the Middle East and North Africa boosted prices on the back of improved US and global economic growth.
Comments
Comments are closed.