Economic Buzz: US import prices rise 0.2% in January

A report released by the Labor Department on Thursday showed import prices in the U.S. increased by slightly more than expected in the month of January.

The Labor Department said import prices rose by 0.2 percent in January, matching an upwardly revised uptick in December.

The slightly stronger than expected import price growth came as an increase in prices for non-fuel imports more than offset an extended slump in prices for fuel imports.

The report said prices for non-fuel imports climbed by 0.5 percent in January after rising by 0.2 percent in December, while prices for fuel imports tumbled by 2.2 percent in January after slumping by 1.1 percent in December.

The increase in prices for non-fuel imports reflected higher prices for non-fuel industrial supplies and materials, capital goods, automotive vehicles, consumer goods and foods, feeds, and beverages.

The Labor Department also said import prices edged down by 0.1 percent year-over-year in January after coming in unchanged in December.

Meanwhile, the report said export prices climbed by 0.6 percent in January, which also matched an upwardly revised increase in December.

Prices for agricultural exports rose by 0.2 percent in January after coming in unchanged in December, while prices for non-agricultural exports increased by 0.7 percent for the second straight month.

The Labor Department said the annual rate of export price growth slowed to 2.6 percent in January from 3.1 percent in December.

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