Global| Jul 14 2015U.S. Import Prices Ease As Nonpetroleum Costs Fall Further
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices fell 0.1% during June (-10.0% y/y) following a 1.2% jump during May, revised from 1.3%. The Action Economics Forecast Survey anticipated a 0.2% rise. Prices of petroleum imports increased 0.8% (-41.3% y/y) following an [...]
Import prices fell 0.1% during June (-10.0% y/y) following a 1.2% jump during May, revised from 1.3%. The Action Economics Forecast Survey anticipated a 0.2% rise.
Prices of petroleum imports increased 0.8% (-41.3% y/y) following an 11 .7% jump. Nonpetroleum import prices, however, fell 0.2% (-2.6% y/y). They've been flat or down in each month since March of last year. Industrial materials prices excluding petroleum declined 0.5% (-8.4% y/y), down regularly during the last year. Prices amongst the other end-use categories were mixed. Food, feed & beverage prices fell 0.6% (-0.5% y/y) and autos & parts prices eased 0.1% (-2.0% y/y). Nonauto consumer goods prices were unchanged for the second straight month (-0.9% y/y) while capital goods prices also held steady (-1.7% y/y).
Export prices eased 0.2% (-5.7% y/y) following a 0.6% rise. A 0.1% improvement had been expected. Agricultural prices fell 1.5% (-16.7% y/y) and nonagricultural costs eased 0.1% (-4.5% y/y). Overall industrial materials & supplies prices fell 0.3% (-11.9% y/y), reflecting a 0.7% rise (-28.7% y/y) in petroleum prices that was the weakest of four monthly increases this year. Foods, feeds & beverage prices declined 2.3% (-17.0% y/y). Prices excluding foods and fuels continued lower by 0.1% (-1.9% y/y). Capital goods export prices remained unchanged both m/m and y/y while prices excluding computers & peripherals improved 0.1% (0.9% y/y) for a second month. Nonauto consumer goods prices increased 0.3% (-1.9% y/y), the first increase since last July and autos & parts prices improved 0.1%, remaining unchanged y/y.
The import and export price series can be found in Haver's USECON database. Detailed figures, including the industrial materials excluding petroleum imports and the fuel & lubricant export items mentioned above, are available in the USINT database. The expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | Jun | May | Apr | Jun Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.1 | 1.2 | -0.2 | -10.0 | -1.1 | -1.1 | 0.3 |
| Petroleum | 0.8 | 11.7 | 2.4 | -41.3 | -5.6 | -2.6 | -0.3 |
| Nonpetroleum | -0.2 | 0.0 | -0.4 | -2.6 | 0.1 | -0.6 | 0.3 |
| Exports - All Commodities | -0.2 | 0.6 | -0.7 | -5.7 | -0.5 | -0.4 | 0.4 |
| Agricultural | -1.5 | -1.2 | -0.9 | -16.7 | -2.7 | 1.6 | 2.4 |
| Nonagricultural | -0.1 | 0.7 | -0.7 | -4.5 | -0.3 | -0.7 | 0.1 |
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.
