Recent Updates

  • US: New Residential Sales (Mar), FHFA Monthly HPI (Feb)
  • Euro area: Flash Consumer Confidence (Apr)
  • Canada: Wholesale Trade (Feb)
  • Canada Regional: Wholesale Trade by Province (Feb)
  • Luxembourg: Employment (Mar)
  • Mexico: Employment (Mar)
  • Brazil: IPC-S (Apr)
  • Greece: Non-financial Accounts (2018)
  • Hong Kong: CPI (Mar)
  • more updates...

Economy in Brief

U.S. Import Prices Again Raised By Fuel Costs; Export Prices Also Firm
by Tom Moeller  April 12, 2019

The Labor Department reported that import prices increased 0.6% during March and were unchanged y/y. The gain followed a 1.0% strengthening in February, revised from 0.6%. A 0.4% rise had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.

The rise in import prices last month was led by a 6.4% increase (7.3% y/y) in fuels & lubricant costs which followed a 9.7% gain. Non-fuel import costs eased 0.2% higher after a 0.2% rise, and were down 0.8% y/y. Industrial supplies & materials costs rose 2.7% (2.0% y/y) after a 4.1% rise, but excluding fuels they slipped 0.1% (-1.7% y/y) after a 0.3% improvement. Foods, feeds & beverage costs improved 0.1% (-1.4% y/y) after rising 0.2%. Capital goods prices fell 0.2% (-1.0% y/y), the fourth decline in five months. Computer, peripheral & semiconductor prices declined 0.4% (-2.7% y/y), off for the fifth straight month, and excluding these products capital goods prices fell 0.2% (-0.3% y/y. Motor vehicle & parts prices remained unchanged (-0.3% y/y) for a second month. Nonauto consumer goods prices eased 0.2% both m/m and y/y) after a 0.3% increase.

Export prices increased 0.7% (0.6% y/y) for a second consecutive month. A 0.2% rise had been expected. Agricultural commodities prices surged 0.9% last month (-2.3% y/y) after two straight months of decline. Nonagricultural export costs strengthened 0.7% (1.0% y/y) after a 0.8% gain. Food, feeds & beverage prices rose 1.2% (-1.5% y/y) after rising 0.3%. The cost of industrial supplies & materials increased 2.0% (0.7% y/y) after rising 1.7%. Capital goods prices slipped 0.1% (+1.5% y/y) after a 0.2% rise, but the cost of computers, peripherals and semiconductors fell 0.2% (-1.3% y/y), off for the fourth consecutive month. Motor vehicle & parts prices eased 0.1% (+0.4% y/y) after increasing 0.4%. Nonauto consumer goods prices held steady (0.4% y/y) after a 0.5% rise.

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, %) Mar Feb Jan Mar Y/Y 2018 2017 2016
Imports - All Commodities 0.6 1.0 0.1 0.0 3.1 2.9 -3.3
  Fuels & Lubricants 6.4 9.7 4.4 7.3 20.8 25.6 -19.2
  Excluding Fuels -0.2 0.2 -0.3 -0.8 1.3 1.0 -1.4
Exports - All Commodities 0.7 0.7 -0.6 0.6 3.4 2.4 -3.2
  Agricultural 0.9 0.2 -2.1 -2.3 0.6 1.5 -5.4
  Nonagricultural 0.7 0.8 -0.4 1.0 3.7 2.5 -3.0
close
large image