U.S. import prices record biggest increase since March 2022
Washington, March 26 (Hibya) - According to the latest official data released by the U.S. Department of Labor, import prices in the country rose by 1.3 percent in February, marking the largest increase since March 2022.
According to CCTV, this figure more than doubled economists’ expectations of a 0.5 percent increase, indicating rising inflationary pressure in the coming months.
Import costs excluding petroleum increased by 1.2 percent, mainly due to rising prices of non-automotive consumer goods, marking the strongest increase since January 2022.
It was noted that the more than 30 percent rise in global oil prices since the end of February directly affected gasoline prices in the U.S. domestic market and squeezed household budgets.
The U.S. export price index also rose by 1.5 percent in February, recording the largest monthly increase since May 2022; the total increase over the 12-month period was 3.5 percent.
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