US import prices rose in February by the largest margin since 2022.
Import prices climbed 1.3% month-on-month in February, the US Department of Labor said Tuesday. The increase — the steepest in roughly four years — was driven primarily by surging oil and natural gas prices.
Notably, given that the US-Iran conflict began on February 28, the upward trend in import prices was already evident before the war started.
Import prices excluding oil and export prices also posted their largest gains since 2022, rising 1.2% and 1.5% respectively. Analysts attributed the increases to sharp rises in consumer goods prices excluding capital goods and automobiles.
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