Highlights
Rising oil prices fed a sizable 0.4 percent rise in import prices during February. But today's report is filled with offsets including a sharp downward revision to January, to no change from an initial rise of 0.3 percent. Offsetting this slightly is a one tenth upward revision to December which now, like January, is unchanged. Year-on-year, import prices are up 5.5 percent for the smallest rise in more than two years.

Prices of petroleum imports surged 1.8 percent in February for a year-on-year gain of 18.4 percent. But pass through of oil prices is limited with prices of imported consumer products unchanged in the month for a year-on-year gain of 2.3 percent. Prices of imported capital goods have been sloping slightly higher but remain subdued, down 0.1 percent in the month for a year-on-year gain of only 1.1 percent.

Prices on the export side also rose 0.4 percent in the month but year-on-year, export prices are up only 1.5 percent. Agricultural prices have been swinging back and forth and swung 0.9 percent lower in February. Year-on-year, agricultural prices are down 6.2 percent.

Though rising oil prices are a risk to price stability, recent gains for the dollar will help limit related pressures. Today's report should confirm expectations for only limited pressure in the core readings for Thursday's producer price report and Friday's report on consumer prices.

Market Consensus before announcement
Import prices rose 0.3 percent rise in January. But excluding a sizable 1.2 percent monthly jump in petroleum prices, import prices were unchanged and remained tame. Export prices rose 0.2 percent in January with a 1.1 percent monthly gain in agricultural prices offset by wide declines in other components.

2012 Release Schedule

Released On: 1/13 2/14 3/14 4/11 5/10 6/12 7/12 8/10 9/12 10/11 11/9 12/12 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov