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Economy in Brief

U.S. Import Prices Tick Higher; Export Prices Decline
by Tom Moeller  July 15, 2014

Import prices nudged up 0.1% during June (1.2% y/y) following a 0.3% May rise, last month reported as 0.1%. A 0.3% increase had been expected in the Action Economics Forecast Survey. A 1.4% rise (6.4% y/y) in petroleum prices provided the strength to overall import costs. That was accompanied by a 0.2% dip (+0.1% y/y) in nonoil prices, down for the third consecutive month.

Last month's slip in nonpetroleum import prices reflected a 1.7% decline (+2.7% y/y) in foods, feeds & beverages prices. Nonoil industrial materials costs also fell 0.2% (-1.2% y/y). Elsewhere, prices were unchanged m/m. Nonauto consumer goods prices moved 0.7% higher y/y, capital goods prices slipped 0.1% y/y and automotive prices fell 0.4% y/y.

U.S. export prices fell 0.4% (+0.2% y/y) in June after the prior month's 0.1% gain. A 0.2% rise in prices had been expected. A 1.8% decline (-1.2% y/y) in agricultural export costs led prices lower followed by a 0.3% fall (+0.3% y/y) in nonagricultural prices.

Export prices excluding petroleum & foods fell 0.2% (+0.1% y/y). Nonauto consumer goods prices improved 0.1% (-0.1% y/y). Motor vehicles & parts prices also ticked 0.1% higher (0.6% y/y) and capital goods prices gained 0.1% as well (0.9% 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, %) Jun May Apr Jun Y/Y 2013 2012 2011
Imports - All Commodities 0.1 0.3 -0.5 1.2 -1.1 0.3 10.9
  Petroleum 1.4 2.2 -1.1 6.4 -2.6 -0.3 36.5
  Nonpetroleum -0.2 -0.1 -0.3 0.1 -0.6 0.3 4.5
Exports - All Commodities -0.4 0.1 -1.0 0.2 -0.4 0.4 8.1
  Agricultural -1.8 0.3 1.5 -1.2 1.7 2.4 22.3
  Nonagricultural -0.3 0.1 -1.3 0.3 -0.7 0.1 6.6
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