Prices of most internationally traded goods remained weak in February, but petroleum was a notable exception for both imports and exports. Overall import prices rose 0.4% (-9.4% y/y), including an 8.1% surge in petroleum; nonpetroleum commodity imports were still down in price, by 0.4% (-1.8% y/y). January's import price result was revised to -3.1% from -2.8% reported before. Total export commodity prices were still off, by 0.1% (-5.9% y/y), but that included a 5.4% rise in prices of fuels & lubricants. The total export price index had fallen 1.9% in January, revised from -2.0% initially reported. The Action Economics Forecast Survey anticipated a 0.1% rise in total import prices for February and a 0.5% decline in total export prices.

Prices of imported industrial materials excluding petroleum continued weak in February, down 1.9% (-7.6% y/y). Most other broad end-use categories also continued to fall, with capital goods down 0.4% (-1.0% y/y), food, feed & beverages down 0.2% (-1.8% y/y) and autos & parts also 0.2% (-1.3% y/y). Consumer goods, though, rose 0.3% (-0.3% y/y), with increases in all major sub-categories, manufactured durables, manufactured nondurables and nonmanufactured goods.

Among export prices, agricultural products continued to drop, falling 2.0% in February and cumulating to -9.5% year-on-year. Nonagricultural export prices did rise last month, by 0.2% (-5.5% y/y). Much of the latter reflects the upturn in fuel & lubricants. Overall industrial materials & supplies were up 0.6% (-5.3% y/y). Capital goods export prices also rose, by 0.2% (+0.8% y/y). Other categories, though, were still down, especially food, feed & beverages by 2.1% (-8.6% y/y), autos & parts by 0.3% (+0.1% y/y) and consumer goods by 0.5% (-1.4% y/y).

The import and export price series can be found in Haver's USECON database. Detailed figures, including the industrial materials ex petroleum imports and the fuel & lubricant export items mentioned above, are available in the USINT database. The expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.