US import prices decline in February as export prices edge up

Fuel import prices fell 4.9% for the second consecutive month in February. They were the largest monthly drops since September 2022 and import fuel prices have not risen on a 1-month basis since June 2022. Lower natural gas prices in February more than offset higher petroleum prices. Natural gas prices decreased 55.6% in February following a 10.3% advance in January and a 68.4% increase in December. In contrast, prices for imported petroleum rose 1.5% in February. Import fuel prices declined 11.6% over the past year. The price index for import natural gas fell 16.4% for the year that ended in February, and petroleum prices decreased 11.8% over the same period.  

Nonfuel import prices rose 0.4% in February following a 0.2% advance in January. Higher prices in February for consumer goods including Foods, feeds, and beverages; capital goods; and automotive vehicles more than offset lower nonfuel industrial supplies and materials prices. 

Foods and feeds prices

Prices for nonfuel imports advanced 0.2% from February 2022 to February 2023. 

Prices for nonfuel industrial supplies and materials edged down 0.1% in February following a 0.3% drop in January. The February decline was driven by lower chemical prices.  

Import prices rose for each of the major finished goods categories in February. The price index for consumer goods increased 0.5% in February, led in part by higher prices for medicinal, dental, and pharmaceutical materials. 

The February increase in consumer goods prices was the largest monthly advance since December 2021. Capital goods prices rose 0.3% for the second consecutive month in February and those are the largest 1-month advances since May 2022. Prices for automotive vehicles increased 0.2 percent in February, after rising 0.3 percent the previous month. Both monthly advances were driven by higher parts prices.

Export prices look up

Prices for U.S. exports advanced 0.2% in February, after rising 0.5% in January. Those are the first monthly increases in export prices since June 2022. 

Despite the recent advances, U.S. export prices declined 0.8% over the past 12 months, the first over-the-year decrease since the index fell 1% from November 2019 to November 2020.

Nonagricultural export prices ticked up 0.1% in February, after rising 0.6% the previous month. Higher prices for capital goods and consumer goods more than offset lower prices for nonagricultural industrial supplies and materials, automotive vehicles, and nonagricultural foods. Prices for nonagricultural exports declined 1.5% for the year ended in February, the first 12-month drop since the index edged down 0.1% in December 2020 and the largest over-the-year decrease since a 1.6% decline in November 2020.

Nonagri supplies 

The agricultural exports index rose 1% in February following declines of 0.9% in January and 2.4% in December. Higher prices in February for vegetables, soybeans, and corn more than offset declining meat prices. Agricultural export prices increased 3.3% over the past year, the smallest 12-month advance since October 2020.

Export prices for the major finished goods categories were mostly up in February. Capital goods prices rose 0.6%, after advancing 0.8% in January. The February advance was driven by higher prices for semiconductors; transportation equipment excluding motor vehicles; and industrial and service machinery. Prices for export consumer goods rose 0.7% in February following a 1.1% increase the previous month. Higher prices for medicinal, dental, and pharmaceutical materials contributed to the advance. The price index for automotive vehicles edged down 0.1% in February, after a 1.6% increase in January, BLS said.

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