Global| Jul 12 2012U.S. Import Price Decline Intensifies
by:Tom Moeller
|in:Economy in Brief
Summary
The decline in import prices picked up speed last month.U.S. import prices fell 2.7% during June after a 1.2% May decline. A 1.5% decline had been expected. Prices fell across-the-board. Petroleum prices were off 10.5% last month [...]
Imported food & beverage prices declined 1.0% last month (-1.9% y/y) while prices for non-oil industrial supplies also fell 1.0% (-4.0% y/y). Prices for non-auto consumer goods slipped 0.1% (+1.7% y/y). Furniture prices rose 0.5% (2.9% y/y) but home entertainment equipment prices fell 0.7% (-5.2% y/y). Imported auto prices slipped 0.1% (+0.8% y/y) and imported capital goods prices were off 0.2% (+0.5% y/y). Computer & peripherals prices were unchanged (-2.3% y/y) while excluding computers, capital goods prices slipped 0.2% (+1.8% y/y).
U.S. export prices fell 1.7% (-2.1% y/y) as agricultural commodities prices slumped 4.0% (-6.1% y/y). Nonagricultural goods posted a 1.4% decline (-1.6% y/y), the second consecutive down month. Prices of industrial supplies led the decline with a 3.9% drop (-6.9% y/y). Foods, feeds & beverage prices also were quite weak and dropped 3.5% (-2.6% y/y). Capital goods prices slipped 0.1% (+1.2% y/y) but nonauto consumer goods prices rose 0.2% (0.5% y/y). Prices for exported autos & parts slipped 0.1% (+2.4% 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 daily figure are in DAILY. The expectations figure is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | Jun | May | Apr | Jun Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -2.7 | -1.2 | -0.1 | -2.6 | 10.9 | 6.9 | -11.5 |
| Petroleum | -10.5 | -4.7 | -0.5 | -10.7 | 36.5 | 28.4 | -35.9 |
| Nonpetroleum | -0.3 | -0.2 | 0.1 | -0.2 | 4.5 | 2.8 | -4.1 |
| Exports - All Commodities | -1.7 | -0.4 | 0.4 | -2.1 | 8.1 | 4.9 | -4.6 |
| Agricultural | -4.0 | 0.7 | 2.0 | -6.1 | 22.3 | 7.9 | -12.8 |
| Nonagricultural | -1.4 | -0.6 | 0.2 | -1.6 | 6.6 | 4.6 | -3.7 |
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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