Global| Mar 15 2018U.S. Import & Export Prices Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices rose 0.4% (3.5% y/y) during February following a 0.8% January gain, revised from 1.0%. A 0.3% rise had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted Petroleum import [...]
Import prices rose 0.4% (3.5% y/y) during February following a 0.8% January gain, revised from 1.0%. A 0.3% rise had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted
Petroleum import prices eased 0.5% (+18.3% y/y) following three straight months of strong increase. Nonpetroleum import prices strengthened 0.5% (2.1% y/y) for the second consecutive month. Amongst end-use categories, industrial supplies and materials prices excluding petroleum increased 0.7% (8.4% y/y) after a 2.1% rise. Among other detail categories, prices of foods, feeds and beverages rose 1.1% (3.5% y/y), the strongest gain since September. Capital goods prices increased 0.6%. Year-to-year growth picked up to 1.2% following declines in each of the prior five years. Capital goods prices excluding computers, semiconductors & peripherals rose 0.5% and increased 1.2% y/y after five years of decline. Prices of motor vehicles and parts improved 0.2% (0.7% y/y) following a 0.5% rise. Prices of consumer goods excluding automobiles increased 0.5% (0.2% y/y) after a 0.1% uptick.
Export prices increased 0.2% (3.3% y/y) following a 0.8% increase. The Action Economics Forecast Survey expected a 0.3% rise for February.
Agricultural export prices increased 0.6% (0.8% y/y) following declines in two of the prior three months. Nonagricultural export prices rose 0.2% (3.6% y/y) after a 0.8% jump. Amongst the end-use categories, overall foods, feeds and beverage prices rebounded 0.7% (0.8% y/y) following three months of decline. Prices of industrial supplies and materials improved 0.3% (7.5% y/y) after 2.0% gains in two of the prior three months, as petroleum prices rose 0.3% (18.7 y/y). Nonagricultural supplies and materials prices excluding fuels and building materials strengthened 1.0% (4.9% y/y) after a 1.1% gain. Non-auto consumer goods prices rose 0.3% after a 0.5% gain. The y/y rise of 2.4% contrasts with price deflation back through 2003. Prices of motor vehicles and parts inched 0.1% higher (0.6% y/y) following a 0.4% rise. Capital goods prices also rose 0.1% (1.6% y/y) after a 0.3% increase. Capital goods prices excluding computers, peripherals & semiconductors improved 0.2% (1.5% y/y) for the third straight month. Auto export prices ticked 0.1% higher (0.6% y/y) after a 0.4% 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, %) | Feb | Jan | Dec | Y/Y | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.4 | 0.8 | 0.2 | 3.5 | 2.9 | -3.3 | -10.2 |
| Petroleum | -0.5 | 3.0 | 2.8 | 18.3 | 26.6 | -19.7 | -46.0 |
| Nonpetroleum | 0.5 | 0.5 | -0.1 | 2.1 | 1.1 | -1.5 | -2.8 |
| Exports - All Commodities | 0.2 | 0.8 | 0.1 | 3.3 | 2.4 | -3.2 | -6.3 |
| Agricultural | 0.6 | 0.1 | -0.3 | 0.8 | 1.5 | -5.4 | -13.3 |
| Nonagricultural | 0.2 | 0.8 | 0.1 | 3.6 | 2.5 | -3.0 | -5.5 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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