U.S. import prices increased 4.6% on a year earlier in February according to official figures. That was the fastest annual rate of increase since February 2012. While driven mostly by higher energy prices, non-fuel products experienced a 0.5% rise on a year earlier (0.3% on a month earlier). That was the fastest increase since August 2014. Export prices also increased by 3.1% including agricultural shipments and 3.3% without.

Calculations include data from Bureau of Labor Statistics Source: Panjiva

The rise in import prices ahead of exports should result in another increase in the deficit, which reached $48.5 billion in January compared to $43.4 billion a year earlier as discussed in Panjiva research of March 7. However, volume data is not as supportive, with preliminary figures suggesting seaborne shipments fell 7% in February compared to last year. That may mean the first import data under the Trump administration may fall on a year earlier after four straight months of expansion.

Calculations include data from Bureau of Labor Statistics and Census Bureau Source: Panjiva