Recent Updates

  • US: Consumer Sentiment (Jan-prelim), GDP by Industry (Q3)
  • Consumer Sentiment Detail (Jan-prelim)
  • Canada: MSIO, Intl Transactions in Securities (Nov)
  • Ivory Coast: IP (Nov); South Africa: Financial Soundness Indicators (Nov); Turkey: House Sales (Dec), IIP (Nov)
  • Spain: International Trade (Nov)
  • Italy: BOP (Nov)
  • UK: Retail Sales (Dec)
  • Euro area: Balance of Payments (Nov)
  • more updates...

Economy in Brief

U.S. Import Prices Decline Further
by Tom Moeller  December 12, 2013

Import prices declined 0.6% (-1.5% y/y) last month, the same as during October. A 0.7% drop had been expected. The 3.5% drop (-2.8% y/y) in petroleum prices, roughly the same as in October, accounted for last month's fall in overall prices. Nonpetroleum prices ticked up 0.1% (1.2% y/y), the same as in October.

Last month's uptick in nonpetroleum prices was led by a 0.2% increase (-0.6% y/y) in capital goods costs. Nonauto consumer goods prices edged up 0.1% (-0.3% y/y) while auto prices were unchanged (-1.4% y/y). Prices of industrial supplies & materials fell 1.9% (-3.6% y/y) with lower oil prices, and foods, feeds & beverages costs were down 0.6% (+3.1% y/y).

U.S. export prices ticked up 0.1% (-1.6% y/y) last month after a 0.6% October fall. A 0.2% decline had been expected. Agricultural export prices slipped 0.2% (-6.7% y/y) while nonagricultural prices edged up 0.1% (-1.0% y/y).

Nonauto consumer goods prices rose 0.2% (-1.6% y/y) as capital goods prices also rose 0.2% (0.7% y/y). Auto prices were unchanged (0.6% y/y). To the down-side were foods, feeds & beverage prices by 0.1% (-7.7% y/y) and industrial supplies & materials, also by 0.1% (-2.8% 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 from the Action Economics Forecast Survey is in the AS1REPNA database.

Import/Export Prices (NSA, %) Nov Oct Sep Nov Y/Y 2012 2011 2010
Imports - All Commodities -0.6  -0.6 0.3 -1.5 0.3 10.9 6.9
  Petroleum -3.5 -3.2 1.1 -2.8 -0.3 36.5 28.4
  Nonpetroleum 0.1 0.1 0.0 -1.2 0.3 4.5 2.8
Exports - All Commodities 0.1 -0.6 0.4 -1.6 0.4 8.1 4.9
  Agricultural -0.2 1.4 0.6 -6.7 2.4 22.3 7.9
  Nonagricultural 0.1 -0.6 0.3 -1.0 0.1 6.6 4.6
close
large image