Mubasher: US import prices rose for the seventh consecutive month in February, beating analysts’ forecasts, despite falls seen in fuel goods for the first time in more than six months.

Import prices grew by 0.4% last month, compared with a larger increase of 0.6% in January, data by the US Bureau of Labour Statistics showed on Thursday.

Economists, polled by Wall Street Journal, had expected a slighter increase of 0.2% in February.

On an annual basis, prices climbed 3.5% last month.

Petroleum import prices, however, declined by 0.5% in February, but the fall was offset by rises in capital and consumer goods, foods, and vehicles prices during the month.

Meanwhile, export prices expanded 0.2% last month, versus a 0.8% growth in the first month of 2018.

By 01:20 pm GMT, the EUR/USD pair slipped by 0.22% to $1.2341.