WASHINGTON, March 16 (UPI) -- U.S. import prices dropped further than expected in February, falling 0.3 percent, the first decline in five months, the Department of Labor said Tuesday.
The drop was nearly in line with the consensus forecast, which predicted a drop of 0.1 percent compared with January.
The drop in prices was led by a 1.9 percent decline in imported fuel prices. Non-fuel import prices rose 0.2 percent in the month.
Imports of food, feeds and beverages fell 1.1 percent in price from January with a 2.1 percent drop in vegetable prices and a 2.7 percent drop in food oil prices.
Prices from Japan, China and the European Union dropped 0.1 percent in the month, while the price index from Mexico fell 0.7 percent.
On the flip side, export prices for all exports also dropped, sliding 0.5 percent led by a 3.8 percent drop in agricultural export prices.
