Global| Mar 09 2017U.S. Import & Export Prices Strengthen; Petroleum Prices Ease
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices edged 0.2% higher (4.6% y/y) during February following a 0.6% January increase, revised from 0.4%. A 0.1% uptick had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted. [...]
Import prices edged 0.2% higher (4.6% y/y) during February following a 0.6% January increase, revised from 0.4%. A 0.1% uptick had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
Petroleum import prices eased 0.7%, though they remained three-quarters higher y/y. Nonpetroleum import prices improved 0.3% (0.8% y/y), the largest increase since July. Industrial supplies & materials prices excluding petroleum jumped 1.4% (7.0% y/y), strong for the fourth straight month. Foods, feeds & beverage prices rebounded 1.0% last month (4.4% y/y), following declines in three of the prior four months. Nonauto consumer goods prices improved 0.7%, but the y/y decline accelerated to -0.7%. Motor vehicle & parts prices remained unchanged both m/m and y/y, after declines in the prior two months. Capital goods prices also were steady (-1.0% y/y) after declining from 2013 through 2016.
Export prices improved 0.3% following a 0.2% rise. The y/y increase of 3.1% follows declines in the last four years. A 0.1% uptick had been expected.
Agricultural commodity prices jumped 1.4% (1.6% y/y), the strongest gain since June. Nonagricultural export prices improved 0.3% last month, and the y/y increase surged to 3.3% after declines dating back to 2012. Foods, feeds & beverage prices jumped 1.4% (1.9% y/y), also after years of decline. Industrial supplies & materials costs gained 0.3% (11.5% y/y) as petroleum prices strengthened 41.0% y/y. Nonagricultural supplies & materials prices excluding fuels & building materials jumped 1.5% m/m (4.4% y/y) after sharp declines dating back to 2012. Capital goods prices improved 0.3% (0.6% y/y), but computer & peripheral product prices declined 3.1% y/y. Motor vehicle & parts prices remained unchanged (-0.2% y/y). Nonauto consumer goods prices eased 0.2% and the y/y decline accelerated to -2.6%.
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 | Feb Y/Y | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.2 | 0.6 | 0.4 | 4.6 | -3.3 | -10.2 | -1.1 |
| Petroleum | -0.7 | 6.9 | 5.9 | 73.3 | -19.7 | -46.0 | -5.6 |
| Nonpetroleum | 0.3 | 0.1 | -0.1 | 0.8 | -1.5 | -2.8 | 0.1 |
| Exports - All Commodities | 0.3 | 0.2 | 0.4 | 3.1 | -3.2 | -6.3 | -0.5 |
| Agricultural | 1.4 | 0.1 | -0.2 | 1.6 | -5.4 | -13.3 | -2.7 |
| Nonagricultural | 0.3 | 0.2 | 0.4 | 3.3 | -3.0 | -5.5 | -0.3 |
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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