Economic Report: Import prices jump 0.6% in February, entirely on oil

Bloomberg News/Landov
The cost of imported goods have declined in the past year, led by a drop in oil prices.

The numbers: The cost of imported goods shot up in February by the largest amount in nine months, but the increase stemmed entirely from higher fuel prices. Most import prices barely moved, offering more evidence that inflationary pressures in the U.S. are bottled up

The import price index climbed 0.6% last month, the government said Thursday. The main driver: A 5% increase in the cost of fuel such as oil and natural gas.

If fuel is excluded, however, import prices were unchanged.

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