Global| Jun 14 2016U.S. Import Prices Continue to Rise With Oil; Nonoil Prices Are Strengthening
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices jumped 1.4% during May (-5.0% y/y) following an upwardly revised 0.7% April rise. It was the strongest increase since March 2012, and double the 0.7% gain expected in the Action Economics Forecast Survey. These figures [...]
Import prices jumped 1.4% during May (-5.0% y/y) following an upwardly revised 0.7% April rise. It was the strongest increase since March 2012, and double the 0.7% gain expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
Petroleum import prices firmed 17.4% (-29.1% y/y) following two months of strong gain. Nonpetroleum import prices increased 0.4% (-1.9% y/y). It was the first rise in prices since March 2014. Nonoil industrial supplies & materials costs jumped 1.6% (-6.4% y/y), only the second rise since December 2014. Foods, feeds & beverage costs rose 0.3% (-1.9% y/y) following three months of decline. Motor vehicle & parts prices improved 0.2% (-0.6% y/y), the firmest rise since April 2014. Nonauto consumer goods prices ticked 0.1% higher (-0.3% y/y). Capital goods prices remained unchanged (-1.9% y/y), after falling steadily since August 2014.
Export prices increased 1.1% (-4.5% y/y) following an unrevised 0.5% rise. It was the firmest gain since March 2011. A 0.3% increase had been expected.
Agricultural commodity prices rose 2.9% (-5.4% y/y) after a 0.8% increase. Nonagricultural commodity prices improved 1.0% (-4.4% y/y) following a 0.4% increase. Foods, feeds & beverage prices strengthened 2.9% (-5.2% y/y) following a 0.9% gain. Industrial supplies & materials costs also jumped 2.9% (-11.8% y/y) after a 1.1% rise. Nonauto consumer goods prices improved 0.2% (-1.9% y/y) after a 0.1% easing. Capital goods prices rose 0.1% (-0.2% y/y) following a 0.2% rise. Motor vehicle & parts prices eased 0.1% (-0.9% y/y), the third decline this year.
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, %) | May | Apr | Mar | May Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 1.4 | 0.7 | 0.4 | -5.0 | -10.2 | -1.1 | -1.1 |
| Petroleum | 17.4 | 11.0 | 10.7 | -29.1 | -46.0 | -5.6 | -2.6 |
| Nonpetroleum | 0.4 | 0.0 | -0.1 | -1.9 | -2.8 | 0.1 | -0.6 |
| Exports - All Commodities | 1.1 | 0.5 | -0.1 | -4.5 | -6.3 | -0.5 | -0.4 |
| Agricultural | 2.9 | 0.8 | -2.2 | -5.4 | -13.3 | -2.7 | 1.6 |
| Nonagricultural | 1.0 | 0.4 | 0.2 | -4.4 | -5.5 | -0.3 | -0.7 |
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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