The cost increase impacted a variety of goods and fed into high rates of inflation, according to MarketWatch.
February cost increases: The cost of imported goods, including oil, grains and autos, increased 1.4% in February. Import prices rose 1.9% in January. The consecutive month increase is the largest in 11 years.
Oil: The rise in import prices can largely be attributed to a significant jump in oil prices. The cost of oil rose 8.1% in February, though prices are currently trending down. After rising to nearly $130 a barrel after Russia’s invasion of Ukraine, it is now down to about $100.
Export prices also rose: Export prices increased 3% in February, the highest ever recorded. Exports are up 16.6% over the past year.
Moving forward: Inflation is likely to remain high through the spring with supply chain delays and Russia’s invasion of Ukraine driving up prices for many important commodities. On Wednesday afternoon, the Federal Reserve announced the first increase in interest rates in four years.