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Economy in Brief

U.S. Import Prices Again Pushed Higher By Petroleum
by Tom Moeller  November 9, 2012

Higher petroleum costs raised U.S. import prices by another 1.5% last month following an unrevised 1.1% September increase. Higher petroleum prices led the rise with a strong 1.3% gain (1.9% y/y). The Action Economics survey looked for no change in prices as market crude oil costs fell last month.

Nonpetroleum import prices rose 0.3% (-0.3% y/y) paced by a 1.2% (-3.6% y/y) jump in nonoil industrial supplies & material prices. A 0.3% (1.8% y/y) gain in motor vehicle & parts pries followed while foods, feeds & beverages costs rose 0.2% (-0.8% y/y). Nonauto consumer goods prices also gained 0.2% (0.2% y/y) and capital goods prices ticked up 0.1% (0.8% y/y).

U.S. export prices were unchanged (1.4% y/y) but agricultural commodities prices dropped 1.9% (+11.6% y/y). Nonagricultural commodity prices rose 0.2% (0.2% y/y). Nonauto consumer goods prices gained 0.1% (-0.1% y/y) while capital goods prices also ticked up 0.1% (1.1% y/y) for the second consecutive month. Automotive vehicles & product prices slipped 0.1% (+1.1% 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.

Part Chart, Part Science: The Evolution of Economic Indicators from the Federal Reserve Bank of Atlanta can be found here.

 

Import/Export Prices (NSA, %) Oct Sep Aug Oct Y/Y 2011 2010 2009
Imports - All Commodities 1.5 1.1 1.2 0.4 10.9 6.9 -11.5
  Petroleum 1.3 4.7 6.2 1.9 36.5 28.4 -35.9
  Nonpetroleum 0.3 0.1 -0.1 -0.3 4.5 2.8 -4.1
Exports - All Commodities 0.0 0.8 0.9 1.4 8.1 4.9 -4.6
  Agricultural -1.9 1.2 4.7 11.6 22.3 7.9 -12.8
  Nonagricultural 0.2 0.7 0.4 0.2 6.6 4.6 -3.7
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