Global| Jul 18 2017U.S. Import Prices Fall As Petroleum Prices Ease; Export Prices Also Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices declined 0.2% during June (+1.5% y/y) following a 0.1% May dip, revised from -0.3%. The Action Economics Forecast Survey also expected a 0.2% fall. These figures are not seasonally adjusted. Petroleum import prices fell [...]
Import prices declined 0.2% during June (+1.5% y/y) following a 0.1% May dip, revised from -0.3%. The Action Economics Forecast Survey also expected a 0.2% fall. These figures are not seasonally adjusted.
Petroleum import prices fell 2.2% (+4.5% y/y), the fourth consecutive month of decline. Nonpetroleum import prices ticked 0.1% higher following no change. Among end-use categories, industrial supplies & materials prices excluding petroleum eased -0.1% (+6.5% y/y) after a 0.5% decline. Amongst other detail categories, foods, feeds and beverages prices rose 0.9% (5.6% y/y) after a 1.0% improvement. Capital goods prices gained 0.2% (-0.1% y/y) following no change. To the downside, motor vehicle & parts prices eased 0.2% (-0.1% y/y) following a 0.1% uptick. The cost of consumer goods excluding automobiles slipped 0.1% (-0.1% y/y) after stability in May.
Export prices fell 0.2% (+0.6% y/y) last month, the second straight month of decline. The Action Economics Survey expected a 0.1% dip. Agricultural commodity prices and nonagricultural prices were weak. Agricultural commodities fell 1.5% pulling prices down 3.9% y/y. Nonagricultural export prices held steady, up 1.1% y/y.
Among the end-use categories for exports, overall foods, feeds & beverage prices dropped 1.6% (-4.2% y/y) following a 2.0% decline. Industrial supplies & materials remained unchanged (3.4% y/y) after a 1.3% drop. Nonagricultural supplies & materials prices excluding fuels & building materials improved 0.1% (1.4% y/y) after two months of sharp decline. Motor vehicles and parts prices slipped 0.1% (0.0% y/y) after stability during May. Capital goods prices held steady (0.6% y/y) and nonauto consumer goods rose 0.2% (-1.9% y/y) following a 0.1% dip. Auto prices eased 0.1% in June (0.0% y/y) after holding steady during the prior month.
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, %) | Jun | May | Apr | Jun Y/Y | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.2 | -0.1 | 0.2 | 1.5 | -3.3 | -10.2 | -1.1 |
| Petroleum | -2.2 | -1.5 | -0.4 | 4.5 | -19.7 | -46.0 | -5.6 |
| Nonpetroleum | 0.1 | 0.0 | 0.3 | 1.4 | -1.5 | -2.8 | 0.1 |
| Exports - All Commodities | -0.2 | -0.6 | 0.2 | 0.6 | -3.2 | -6.3 | -0.5 |
| Agricultural | -1.5 | -1.6 | 0.1 | -3.9 | -5.4 | -13.3 | -2.7 |
| Nonagricultural | 0.0 | -0.4 | 0.3 | 1.1 | -3.0 | -5.5 | -0.3 |
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.
More Economy in Brief
