Global| Apr 12 2019U.S. Import Prices Again Raised By Fuel Costs; Export Prices Also Firm
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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 |
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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