Global| Jun 11 2015U.S. Import Prices Increase as Petroleum Costs Jump
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices increased 1.3% last month (-9.6% y/y) following a 0.2% April drop, revised from -0.3%. The Action Economics Forecast Survey anticipated a 0.8% rise. Prices of petroleum imports jumped 12.7% (-40.6% y/y) following two [...]
Import prices increased 1.3% last month (-9.6% y/y) following a 0.2% April drop, revised from -0.3%. The Action Economics Forecast Survey anticipated a 0.8% rise.
Prices of petroleum imports jumped 12.7% (-40.6% y/y) following two months of moderate gain. Nonpetroleum import prices, however, were unchanged (-2.6% y/y). Industrial materials prices excluding petroleum slipped 0.1% (-8.0% y/y). Prices amongst the other end-use categories were mixed. Food, feed & beverage prices gained 0.3% (-1.4% y/y) but autos & parts prices slipped 0.1% (-2.0% y/y). Nonauto consumer goods prices were unchanged (-0.8% y/y) while capital goods prices were off 0.2% (-1.7% y/y).
Export prices also firmed. Their 0.6% increase reversed a 0.7% decline. No change had been expected. Agricultural prices fell 1.0% (-16.8% y/y) and nonagricultural costs rebounded 0.7% (-4.6% y/y). Overall industrial materials & supplies prices increased 2.2% (-12.3% y/y), reflecting a 9.9% rise (-30.0% y/y) in petroleum prices. That was offset by a 1.2% drop (-16.3% y/y) in foods, feeds & beverage prices. Prices excluding foods and fuels ticked 0.1% higher (-1.9% y/y). Capital goods export prices were off 0.1% (+0.1% y/y) and prices excluding computers & peripherals were unchanged for the third straight month (+0.8% y/y). Nonauto consumer goods prices edged 0.1% lower (-2.3% y/y) but autos & parts prices gained 0.2% (0.1% 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, %) | May | Apr | Mar | May Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 1.3 | -0.2 | -0.2 | -9.6 | -1.1 | -1.1 | 0.3 |
| Petroleum | 12.7 | 1.8 | 2.1 | -40.6 | -5.6 | -2.6 | -0.3 |
| Nonpetroleum | 0.0 | -0.4 | -0.4 | -2.6 | 0.1 | -0.6 | 0.3 |
| Exports - All Commodities | 0.6 | -0.7 | 0.1 | -5.9 | -0.5 | -0.4 | 0.4 |
| Agricultural | -1.0 | -0.9 | -1.7 | -16.8 | -2.7 | 1.6 | 2.4 |
| Nonagricultural | 0.7 | -0.7 | 0.2 | -4.6 | -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.
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