Import Prices Increasing, Led by Meat and Petroleum

WASHINGTON, DC – U.S. import prices rose 3 percent in February from the same time last year, the largest 12-month advance since October 2018. According to the Bureau of Labor Statistics (BLS), the increase was fueled by a 6.5 percent increase in petroleum products. Prices for import foods feeds, and beverages advanced 2 percent in February, after a 2 percent increase one month earlier. The February rise was led by higher prices for fruit, meat, and alcoholic beverages. Specifically, meat imports increased 9 percent and coffee rose 8 percent, while seafood imports slipped 5 percent and vegetable imports dropped 12 percent, all year-over-year.
(SOURCE: All Ag News)