Import Prices Show Petroleum Inflation
The new data on February Import & Export prices has been released by the Labor Department this Wednesday and we are seeing some inflationary pressure. Higher petroleum costs pushed up import prices by 0.4%. The only good news is that…
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The new data on February Import & Export prices has been released by the Labor Department this Wednesday and we are seeing some inflationary pressure. Higher petroleum costs pushed up import prices by 0.4%. The only good news is that Dow Jones was looking for a gain of 0.7% and Bloomberg was calling for a gain of 0.6%. Petroleum import prices were up 1.8% in February after only a 0.3% gain the prior month. The good news is that all of the gains are based upon petroleum because the non-petroleum figures showed a drop coming in at -0.2%. On an annual basis rather than monthly basis, import prices were up 5.5%.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
