U.S. import prices are on the decline, according to the latest figures from the US Bureau of Labor Statistics. Import prices fell 0.1 percent in February, following a decline of 0.4 percent in January. Lower fuel prices offset higher non-fuel prices, helping to drive import prices down. 

The price for fuel imports fell 4.9 percent for the second time this year, after a decline in January. These are the biggest drops since September 2022 and there has been no increase in import fuel prices since June 2022. 

Natural gas prices also fell in February, offsetting higher petroleum prices at a rate of 55 percent in February, following a drop of 10.3 percent in January and 68.4 percent in December.  

Meanwhile, the price of petroleum increased 1.5 percent in February. Overall, important fuel prices have fallen 11.6 percent in 2022.

Non-fuel import prices increased 0.4 percent in February, driven by an increase in consumer goods such as food, feeds and beverages. Automotive vehicles helped offset lower non-fuel industrial supplies and material prices. 

The price index for imported foods, feeds, and beverages increased 1.3 percent in February, following a similar rise of 1.2 percent in January. Higher fruit prices were instrumental in offsetting vegetable prices. 

Consumer goods rose slightly by 0.5 percent, driven by higher prices for medical, dental and pharmaceutical materials. February marked the largest monthly advance since December 2021. 

Vehicle import prices also rose slightly by 0.2 percent in February, following a rise of 0.3 percent in January. Higher parts prices were one of the major factors in the increase in vehicle import prices.