Global| Dec 12 2013U.S. Import Prices Decline Further
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices declined 0.6% (-1.5% y/y) last month, the same as during October. A 0.7% drop had been expected. The 3.5% drop (-2.8% y/y) in petroleum prices, roughly the same as in October, accounted for last month's fall in overall [...]
Import prices declined 0.6% (-1.5% y/y) last month, the same as during October. A 0.7% drop had been expected. The 3.5% drop (-2.8% y/y) in petroleum prices, roughly the same as in October, accounted for last month's fall in overall prices. Nonpetroleum prices ticked up 0.1% (1.2% y/y), the same as in October.
Last month's uptick in nonpetroleum prices was led by a 0.2% increase (-0.6% y/y) in capital goods costs. Nonauto consumer goods prices edged up 0.1% (-0.3% y/y) while auto prices were unchanged (-1.4% y/y). Prices of industrial supplies & materials fell 1.9% (-3.6% y/y) with lower oil prices, and foods, feeds & beverages costs were down 0.6% (+3.1% y/y).
U.S. export prices ticked up 0.1% (-1.6% y/y) last month after a 0.6% October fall. A 0.2% decline had been expected. Agricultural export prices slipped 0.2% (-6.7% y/y) while nonagricultural prices edged up 0.1% (-1.0% y/y).
Nonauto consumer goods prices rose 0.2% (-1.6% y/y) as capital goods prices also rose 0.2% (0.7% y/y). Auto prices were unchanged (0.6% y/y). To the down-side were foods, feeds & beverage prices by 0.1% (-7.7% y/y) and industrial supplies & materials, also by 0.1% (-2.8% 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 expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | Nov | Oct | Sep | Nov Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.6 | -0.6 | 0.3 | -1.5 | 0.3 | 10.9 | 6.9 |
| Petroleum | -3.5 | -3.2 | 1.1 | -2.8 | -0.3 | 36.5 | 28.4 |
| Nonpetroleum | 0.1 | 0.1 | 0.0 | -1.2 | 0.3 | 4.5 | 2.8 |
| Exports - All Commodities | 0.1 | -0.6 | 0.4 | -1.6 | 0.4 | 8.1 | 4.9 |
| Agricultural | -0.2 | 1.4 | 0.6 | -6.7 | 2.4 | 22.3 | 7.9 |
| Nonagricultural | 0.1 | -0.6 | 0.3 | -1.0 | 0.1 | 6.6 | 4.6 |
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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