The US Import price index YoY for Feb 4.6% vs 4.4% est

Author: Greg Michalowski | Category: News

Ex petroleum MoM +0.3% vs +0.1% estimate.  The index rose by 0.2% led by higher nonfuel import prices

The US import price index YoY for February came in at 4.6%, higher than the 4.4% estimate.

The headline MoM rose by 0.2% (last month +0.6%).  If you take out the petroleum impact, the prices of imports gained 0.3% vs +0.1% estimate. 

Import prices rose for the third consecutive month in February increasing 0.2 percent (after a 0.6-percent advance in January and a 0.4-percent rise in December). 

The increase in February was driven by rising nonfuel prices. This is in contrast to the previous 2 months when higher fuel prices led the advances. The price index for imports also rose over the past year, increasing 4.6 percent. That rise was the largest 12-month advance in import prices since a 5.1-percent increase in February 2012.

Export prices for U.S. exports advanced 0.3 percent in February and have not recorded a monthly decline since the index fell 0.8 percent in August. In February, rising prices for both agricultural exports and nonagricultural exports contributed to the overall advance. Export prices increased 3.1 percent over the past 12 months, the largest over-the-year rise since the index advanced 3.6 percent between December 2010 and December 2011.

The YoY was revised to 3.8% from 3.7% originally reported.
The MoM from January (ex petroleum) was revised to +0.1% from 0.0%. 

There is little reaction to the market as the focus for trading will be on the comments from ECB Draghi.