Global| Aug 14 2014U.S. Import Prices Edge Lower; Export Prices Remain Unchanged
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices slipped 0.2% during July (+0.8% y/y) following an unrevised 0.1% uptick in June. The shortfall matched expectations in the Action Economics Forecast Survey. A 1.4% decline (+1.7% y/y) in petroleum prices provided the [...]
Import prices slipped 0.2% during July (+0.8% y/y) following an unrevised 0.1% uptick in June. The shortfall matched expectations in the Action Economics Forecast Survey. A 1.4% decline (+1.7% y/y) in petroleum prices provided the most downward pressure on overall import costs. That was accompanied by an unchanged level of nonoil prices (0.7% y/y), which followed three consecutive months of decline.
Last month's slip in nonpetroleum import prices reflected a 0.8% decline (-0.9% y/y) in motor vehicle & parts prices. Capital goods prices remained unchanged (-0.1% y/y) and nonauto consumer goods prices ticked 0.1% higher. Nonoil industrial supplies prices gained 0.4% (2.2% y/y) and foods, feeds & beverages prices jumped 1.0% (3.0% y/y).
U.S. export prices held steady in July (+0.4% y/y) after the prior month's 0.4% decline. A 0.1% slip in prices had been expected. Prices for agricultural products fell 2.2% (-2.9% y/y) but nonagricultural prices gained 0.3% (0.9% y/y).
Foods, feeds & beverages export costs led prices lower with a 1.6% decline (-1.7% y/y) and capital goods prices slipped 0.1% (+0.8% y/y). Motor vehicle & parts prices were unchanged (0.5% y/y) while nonauto consumer goods prices improved 0.3% (0.3% 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, %) | Jul | Jun | May | Jul Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.2 | 0.1 | 0.3 | 0.8 | -1.1 | 0.3 | 10.9 |
| Petroleum | -1.2 | 1.1 | 1.9 | 1.7 | -2.6 | -0.3 | 36.5 |
| Nonpetroleum | 0.0 | -0.1 | -0.2 | 0.7 | -0.6 | 0.3 | 4.5 |
| Exports - All Commodities | 0.0 | -0.4 | 0.1 | 0.4 | -0.4 | 0.4 | 8.1 |
| Agricultural | -2.2 | -1.7 | 0.3 | -2.9 | 1.7 | 2.4 | 22.3 |
| Nonagricultural | 0.3 | -0.3 | 0.1 | 0.9 | -0.7 | 0.1 | 6.6 |
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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