Global| Mar 13 2014U.S. Import Prices Increase With Higher Oil Prices
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices increased 0.9% during February following a 0.4% January gain, revised from 0.1%. A 0.5% rise had been expected in the Action Economics survey. A 4.4% jump (-2.6% y/y) in petroleum prices added to an easier 0.2% [...]
Import prices increased 0.9% during February following a 0.4% January gain, revised from 0.1%. A 0.5% rise had been expected in the Action Economics survey. A 4.4% jump (-2.6% y/y) in petroleum prices added to an easier 0.2% improvement (-0.6% y/y) in nonpetroleum prices.
Last month's gain in nonpetroleum prices overall reflected a 1.5% jump (-2.2% y/y) in nonpetroleum industrial supplies & materials prices. Elsewhere, pricing power was nonexistent. Foods, feeds & beverages costs fell 0.7% (+2.8% y/y) and reversed the January rise. Capital goods prices also fell 0.2% (-0.8% y/y), the second down month in the last three. Automotive prices were unchanged (-1.6% y/y) and down a bit over the last several months while nonauto consumer goods prices also were unchanged (0.2% y/y) following a 0.8% January rise.
U.S. export prices increased 0.6% last month (-1.3% y/y) after an unrevised 0.2% January gain. A 0.2% rise in prices had been expected. A 1.7% rise (-6.0% y/y) in agricultural export costs provided power behind the overall price increase. Nonagricultural prices also were strong and improved 0.6% (-0.7% y/y).
Industrial supplies & materials export prices rose 1.6% (-1.5% y/y). The increase was driven by a 3.3% rise (-0.4% y/y) in agricultural and a 2.5% gain (2.1% y/y) in petroleum prices. Capital goods export prices gained 0.2% (0.2% y/y), the same as in January. These increases were offset by a 0.3% decline (-1.3% y/y) in nonauto consumer goods prices, after a 0.1% January slip, and a 0.2% fall (+0.1% y/y) in motor vehicles & parts prices.
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, %) | Feb | Jan | Dec | Feb Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.9 | 0.4 | 0.1 | -1.1 | -1.1 | 0.3 | 10.9 |
| Petroleum | 4.4 | 0.6 | -0.2 | -2.6 | -2.6 | -0.3 | 36.5 |
| Nonpetroleum | 0.2 | 0.4 | 0.2 | -0.6 | -0.6 | 0.3 | 4.5 |
| Exports - All Commodities | 0.6 | 0.2 | 0.4 | -1.3 | -0.4 | 0.4 | 8.1 |
| Agricultural | 1.7 | -0.4 | 0.3 | -6.0 | 1.7 | 2.4 | 22.3 |
| Nonagricultural | 0.6 | 0.2 | 0.4 | -0.7 | -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.
