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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller February 14, 2012
U.S. import prices rose 0.3% last month after an unrevised 0.1% December slip. A 0.2% rise had been expected. Year-to-year, higher oil prices and the lower value of the dollar raised prices for imported products by 7.1% y/y. Petroleum prices rose 1.2% last month though the y/y gain continued to moderate. Brent crude oil rose to an average $110.49 per barrel and so far this month have risen further to average $116.36. Non-oil import prices held constant m/m and were up a lessened 2.5% y/y. The y/y change in non-oil import prices during the last ten years has an 81% inverse correlation with the nominal trade-weighted exchange value of the US dollar vs. major currencies.
Imported food & beverage prices jumped 2.3% last month (5.9% y/y) while prices for non-oil industrial supplies fell 0.8% (+3.7% y/y), down for the third straight month. Prices for non-auto consumer goods fell 0.4% (+2.6% y/y) reflecting a sharp 1.1% decline (+1.7% y/y) in household goods. Furniture prices slipped 0.1% (+5.8% y/y) and home entertainment equipment prices rose 0.3% (-5.1% y/y). The increase reflected higher TV costs but they're still off 5.2% y/y. Imported auto prices increased 0.5% (3.9% y/y) and imported capital goods prices gained 0.4% (1.6% y/y). Computer & peripherals prices rose 0.5% (-2.5% y/y) while excluding computers, capital goods prices increased 0.3% (3.4% y/y).
U.S. export prices gained 0.2% (2.5% y/y) as agricultural prices rose 1.1% (-1.0% y/y) and non-agricultural goods prices were unchanged (+3.0% y/y). Prices of industrial supplies fell 0.3% and were up a lessened 3.7% y/y. Capital goods prices rose 0.4% (1.0% y/y) after being unchanged for three months. Nonauto consumer goods prices fell 0.4% (+3.5% y/y) and prices for exported autos & parts rose 0.2% (2.7% y/y).
The import and export price series can be found in Haver's USECON database. Detailed figures are available in the USINT database. The expectations figure is in the AS1REPNA database.
Import/Export Prices (NSA, %) | Jan | Dec | Nov | Jan Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Imports - All Commodities | 0.3 | -0.1 | 0.8 | 7.1 | 10.9 | 6.9 | -11.5 |
Petroleum | 1.2 | -0.5 | 3.4 | 23.7 | 36.4 | 28.4 | -35.9 |
Nonpetroleum | 0.0 | 0.1 | -0.3 | 2.5 | 4.5 | 2.8 | -4.1 |
Exports - All Commodities | 0.2 | -0.5 | 0.1 | 2.5 | 8.1 | 4.9 | -4.6 |
Agricultural | 1.1 | -2.4 | 1.7 | -1.0 | 22.3 | 7.9 | -12.8 |
Nonagricultural | 0.0 | -0.2 | -0.1 | 3.0 | 6.6 | 4.6 | -3.7 |