MarketWatch.- The cost of imported goods jump 1.3% in February and rose sharply for the third month in a row, reflecting a rebound in inflation that’s been driven in large part by higher gasoline prices.
The import price index jumped 1.3% in February, the government said Thursday. Import prices also increased 1.4% in January and 1% in December.
After falling early in the pandemic, import prices have surged well above precrisis levels. The yearly rate of import inflation climbed to 3% in February.
If fuel is excluded, import prices moved up 0.4% last month. Over the past year import prices minus fuel have risen 2.8%.
U.S. export prices increased 1.6% February. They have also been rising rapidly.
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