Import prices rose 0.8% last month and about matched Consensus expectations for a 0.7% rise. The prior month's increase was revised down slightly due to a lessened gain in petroleum prices but the estimated rise in nonpetroleum prices was revised higher.

Petroleum prices jumped 3.9% on top of the 3.4% surge the prior month. So far in March the price of Brent Crude oil has averaged $52.15 per barrel, up 14.2% versus the $45.66 averaged last month.

Other than oil, import prices continued to move moderately higher. Prices for nonauto consumer goods rose 0.2% (1.0% y/y) though prices in most categories were little changed. Capital goods prices also were unchanged m/m (-0.6% y/y) but lower computer prices (-0.4% m/m, -6.8% y/y) accounted for most of the weakness. Excluding computers capital goods prices rose 0.2% (2.5% y/y) and contrasted with price deflation in excess of 2% early in 2002.

Export prices were unchanged last month as a 0.9% decline (-8.2% y/y) in agricultural prices offset a 0.1% (4.7% y/y) gain in nonagricultural export prices.

Exchange Rates and the Prices of Manufacturing Products Imported into the United States is a 2002 article from the Federal Reserve Bank of New England.