By Greg Robb
WASHINGTON (MarketWatch) -- Prices paid for goods imported into the U.S. surged 1.1% in February for the second straight month, led by higher fuel prices, the Labor Department reported Wednesday. This is the largest increase in overall import price index and fuel imports since August. The gain was larger than analysts' expectations of a 0.5% rise. Import prices have declined 0.3% over the past 12 months, adding to the picture of subdued inflation at the moment. Imported fuel prices rose 4.9%. in February and were up 13.4% on a year-on-year basis. Meanwhile, nonfuel import prices were flat in the month and were up 2.4% over the past year. Gains in prices of food and consumer goods were offset by lower prices for imported capital goods in the month. Non-fuel prices have been flat since early 2011. The price of U.S.-made goods exported to other nations rose 0.8% in February after a 0.3% gain in the prior month.
