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Economy in Brief

U.S. Import Prices Remain Strong With Petroleum
by Tom Moeller  October 11, 2012

U.S. import prices jumped another 1.1% last month following an upwardly revised 1.1% August increase. Again, the gain was driven by petroleum prices which posted a 4.6% surge (-0.1% y/y). The latest overall increase outpaced the 0.7% rise in the Action Economics survey.

Nonpetroleum import prices rose 0.2% (-0.9% y/y) as foods, fees & beverages costs jumped 1.7% (-1.9% y/y). Capital goods prices rose 0.2% (0.4% y/y) and auto prices rose 0.3% (1.6% y/y). Nonauto consumer goods prices were unchanged (0.6% y/y).

U.S. export prices were up 0.8% led by a 1.1% rise in agricultural items (6.7% y/y). Nonagricultural commodity prices rose 0.7% (-1.5% y/y). Automotive vehicles & product prices increased 0.3% (1.6% y/y) while nonauto consumer goods export prices gained 0.2% (-0.7% y/y) .Capital goods export prices were unchanged (1.0% y/y) for the second consecutive month.

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.

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.

Price Level Targeting: The Fed Has It About Right from the Federal Reserve Bank of St. Louis can be found here.

 

Import/Export Prices (NSA, %) Sep Aug Jul Sep Y/Y 2011 2010 2009
Imports - All Commodities 1.1 1.1 -0.7 -0.6 10.9 6.9 -11.5
  Petroleum 4.6 5.8 -2.3 -0.1 36.5 28.4 -35.9
  Nonpetroleum 0.2 -0.2 -0.3 -0.9 4.5 2.8 -4.1
Exports - All Commodities 0.8 1.0 0.4 -0.5 8.1 4.9 -4.6
  Agricultural 1.1 5.2 6.0 6.7 22.3 7.9 -12.8
  Nonagricultural 0.7 0.4 -0.2 -1.5 6.6 4.6 -3.7
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