Global| Aug 10 2012U.S. Import Prices Continue Lower
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. import prices fell 0.6% during July following a 2.4% June decline, revised from -2.7%. A 0.2% uptick had been expected. Prices continued lower in most categories. Petroleum prices declined 1.6% (-12.3% y/y), off for the fourth [...]
U.S. import prices fell 0.6% during July following a 2.4% June decline, revised from -2.7%. A 0.2% uptick had been expected. Prices continued lower in most categories. Petroleum prices declined 1.6% (-12.3% y/y), off for the fourth straight month. Nonpetroleum import prices also fell 0.3% (-0.5% y/y) led down by a 1.2% drop (-3.4% y/y) in foods, feeds & beverages. Prices for nonoil industrial supplies also were soft, posting a 1.2% drop (-5.3% y/y). Capital goods prices slipped 0.1% (+0.4% y/y) as computers, peripherals & semiconductor costs fell 0.2% (-1.6% y/y) and other capital goods prices were unchanged (1.4% y/y). Nonauto consumer goods prices ticked 0.1% lower (+1.3% y/y) but prices for automotive vehicles, part & engines rose 0.4% (1.6% y/y).
U.S. export prices rose 0.5% (-1.2% y/y) as agricultural export costs jumped 6.4% (4.3% y/y). Drought conditions through much of the country raised wheat & rice prices 14.1% (12.4% y/y), soybean costs 14.7% (15.8% y/y) and feed prices 13.5% (11.3% y/y). Nonagricultural commodities prices were off 0.3% (-1.9% y/y) led lower by a 0.6% drop (-0.5% y/y) in nonauto consumer goods. Prices of industrial supplies fell 0.3% (-7.0% y/y) and capital goods prices slipped 0.1% (+1.1% y/y). Auto prices increased 0.2% (2.2% 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, %) | Jul | Jun | May | Jul Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.6 | -2.4 | -1.5 | -3.2 | 10.9 | 6.9 | -11.5 |
| Petroleum | -1.6 | -9.3 | -5.8 | -12.3 | 36.5 | 28.4 | -35.9 |
| Nonpetroleum | -0.3 | -0.3 | -0.1 | -0.5 | 4.5 | 2.8 | -4.1 |
| Exports - All Commodities | 0.5 | -1.7 | -0.5 | -1.2 | 8.1 | 4.9 | -4.6 |
| Agricultural | 6.4 | -3.6 | 0.5 | 4.3 | 22.3 | 7.9 | -12.8 |
| Nonagricultural | -0.3 | -1.5 | -0.5 | -1.9 | 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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