Prices of US exports continued to rise vertiginously with the latest US Bureau of Labor Statistics data showing a 3% month-over-month rise in February, the largest increase since monthly price data started being published in 1989.
The export price rises were driven by non-agricultural industrial supplies rising 5.9% in February after increasing 5.2% in January, particularly due to an 11.5% rise in fuel prices.
Prices for export of non-manufactured consumer goods rose by 7.7% month-over-month.
The price of agricultural exports rose 3% in February, with soy beans, corn and cotton particularly effected.
Export prices to Mexico rose 4.1%, to Japan 3.3%, to China 2.7% and Canada 2.5%. The highest month-over-month spike in export prices was 21.5% in non-manufactured goods exported to Mexico.
Monthly import prices from Mexico rose 0.6%, from Japan 0.1%, from China 0.1% and from Canada 2.7%, as total import prices rose 1.2% month-over-month. Year-over-year import prices have risen 10.9%.