The US import prices saw the largest increase since 2022 on the eve of the Iran war.

The import prices in the United States in February recorded the largest increase in nearly four years, reflecting a general rise in prices even before the outbreak of the conflict in the Middle East. Data released by the U.S. Department of Labor on Wednesday showed that import prices rose by 1.3% from the previous month, partly driven by increases in oil and natural gas prices. Excluding oil, import prices rose by 1.2%, the largest increase since January 2022, mainly driven by rising prices of consumer goods other than capital goods and cars. Export prices also rose significantly, increasing by 1.5% in February, the largest increase since May 2022.