March 15, 2002 (The Editor’s Desk is updated each business day.)

Import prices in February

The U.S. Import Price Index decreased 0.1 percent in February 2002. The decline followed a 0.4-percent increase in January and was attributable to a decline in nonpetroleum prices.

[Chart data—TXT]

In February, prices for imported goods resumed a long-term downward trend, as the 0.1-percent decline marked the eighth decrease in the past nine months. The February drop was the result of falling nonpetroleum prices, which outweighed petroleum price gains. Prices for nonpetroleum imports resumed a downward trend in February, falling 0.5 percent after edging up 0.1 percent in January.

The nonpetroleum index had dropped in each of the prior 11 months and was down 5.0 percent during the year ended in February. Petroleum prices rose for the second straight month, increasing 2.9 percent in February after rising 5.3 percent in January. Despite the recent increases, petroleum prices fell 30.4 percent over the February 2001-2002 period. Overall import prices also fell for the year ended in February, down 8.2 percent.

These data are a product of the BLS International Price program. Learn more in "U.S. Import and Export Price Indexes - February 2002," news release USDL 02-130. Note: import price data are subject to revision in each of the three months after original publication.