February 2024 U.S. Import and Export Price Indexes — 2024-03-15

U.S. import prices rose 0.3 percent in February, after advancing 0.8 percent in January, the U.S. Bureau of Labor Statistics reported today. Higher prices for both nonfuel and fuel imports contributed to the overall increase. Prices for U.S. exports advanced 0.8 percent in February following a 0.9-percent increase the previous month. U.S. import prices increased for the second consecutive month in February, rising 0.3 percent. The February and January advances were the first consecutive increases since September and August 2023. Despite the recent advances, prices for U.S. imports decreased 0.8 percent over the past year. (See table 1.) Fuel Imports: Prices for import fuel rose 1.8 percent in February, after advancing 1.2 percent the previous month. The February increase was the largest advance since a 6.4-percent rise in September 2023. Higher prices for petroleum and natural gas in February each contributed to the overall increase in import fuel prices.