Excluding volatile food and energy prices, so-called core wholesale prices fell 0.1% last month from January, first drop since July. Core producer prices rose 3.4%, lower than the 3.8% year-over-year gain in January. The numbers were all lower than economists had expected.

US wholesale inflation remained unchanged in February, indicating a slowdown, but President Trump’s escalating trade wars with tariffs on steel, aluminium, and various imports may drive higher inflation.