Global| Apr 12 2018U.S. Import Prices Are Unchanged; Export Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices held steady (3.6% y/y) during March following a 0.3% February increase, revised from 0.4%. A 0.2% rise had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted. Petroleum [...]
Import prices held steady (3.6% y/y) during March following a 0.3% February increase, revised from 0.4%. A 0.2% rise had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
Petroleum import prices declined 1.3% (+19.4% y/y) following a 0.8% fall. Nonpetroleum import prices ticked 0.1% higher (2.1% y/y) after two months of firm increase. Amongst end-use categories, industrial supplies and materials prices excluding petroleum increased 0.6% (8.1% y/y) after a 0.5% rise. Among other detail categories, prices of foods, feeds and beverages rose 0.6% (4.1% y/y) after a 1.0% jump. Capital goods prices increased 0.2% (1.4% y/y after a 0.4% rise. Prices of computers, peripherals & semiconductors gained 0.4% (1.6% y/y) for a second straight month. Capital goods prices excluding computers, semiconductors & peripherals improved 0.1% (1.2% y/y) following a 0.4% increase. Prices of motor vehicles and parts declined 0.2% (+0.5% y/y) following a 0.2% rise. Prices of consumer goods excluding automobiles eased 0.1% (+0.3% y/y) after a 0.6% strengthening.
Export prices increased an expected 0.3% (3.4% y/y) following an unrevised 0.2% gain.
Agricultural export prices surged 3.4% (3.0% y/y) following a 0.6% rise. Nonagricultural export prices eased 0.1% (+3.4% y/y) after a 0.2% gain. Amongst the end-use categories, overall foods, feeds and beverage prices surged 3.3% (2.9% y/y) following a 0.6% rise. Prices of industrial supplies and materials fell 0.4% (+7.1% y/y) after a 0.3% increase, as petroleum prices fell 3.2% (+16.6% y/y), down for the second straight month. Nonagricultural supplies and materials prices excluding fuels and building materials strengthened 0.6% (4.8% y/y) after two months of even stronger increase. Non-auto consumer goods prices held steady (2.3% y/y) after a 0.4% gain. Prices of motor vehicles and parts inched 0.1% higher (0.7% y/y) following a 0.2% rise. Capital goods prices also rose 0.1% (1.5% y/y), the same as in February. Prices of computers, peripherals & semiconductors rose 0.6% (2.3% y/y) after four months of stability. Capital goods prices excluding computers, peripherals & semiconductors were unchanged (1.4% y/y) after rising 0.2% for three straight months. Auto export prices ticked 0.1% higher (0.7% y/y) after a 0.2% 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.
Vulnerable Growth from the Federal Reserve Bank of New York can be found here.
| Import/Export Prices (NSA, %) | Mar | Feb | Jan | Y/Y | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.0 | 0.3 | 0.8 | 3.6 | 2.9 | -3.3 | -10.2 |
| Petroleum & Petroleum Products | -1.3 | -0.8 | 2.9 | 19.4 | 26.6 | -19.7 | -46.0 |
| Nonpetroleum | 0.1 | 0.4 | 0.6 | 2.1 | 1.1 | -1.5 | -2.8 |
| Exports - All Commodities | 0.3 | 0.2 | 0.7 | 3.4 | 2.4 | -3.2 | -6.3 |
| Agricultural | 3.4 | 0.6 | 0.0 | 3.0 | 1.5 | -5.4 | -13.3 |
| Nonagricultural | -0.1 | 0.2 | 0.9 | 3.4 | 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.
