Bloomberg News/Landov

The cost of imported goods have declined in the past year, led by a drop in oil prices.

The numbers: The cost of imported goods shot up in February by the largest amount in nine months, but the increase stemmed entirely from higher fuel prices. Most import prices barely moved, offering more evidence that inflationary pressures in the U.S. are bottled up

The import price index climbed 0.6% last month, the government said Thursday. The main driver: A 5% increase in the cost of fuel such as oil and natural gas.

If fuel is excluded, however, import prices were unchanged.

What’s more, the cost of imports have actually fallen 1.3% in the past 12 months

Read: Prescription drug prices aren’t rising — they’re falling for the first time in 47 years

What happened: The cost of industrial supplies and consumer goods rose slightly in February, but prices for imported autos were flat and they declined for food, beverages and capital goods.

U.S. export prices, meanwhile, also rose 0.6%. They are up just 0.3% in the past year, however.

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Big picture: Inflationary pressures in the U.S. have eased since hitting a seven-year high last summer. Earlier this week a pair of reports on consumer and wholesale prices affirmed that inflation appears muzzled.

Read: Inflation perk ups, CPI shows, but not enough to set off any alarm bells

Also Read: Wholesale prices creep higher in February, but inflation poses little threat

The subdued rate of inflation has given the Federal Reserve to leeway to halt previous plans to raise interest rates again.

As a result, the cost of borrowing has declined, making it cheaper for consumers and businesses to procure loans for autos, mortgages or investment. That should aid the economy in the coming months.

Market reaction: The Dow Jones Industrial Average

DJIA, +0.58%

and S&P 500

SPX, +0.69%

were set to open lower in Thursday trades.

The 10-year Treasury yield

TMUBMUSD10Y, -0.03%

rose slightly to 2.63%.

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