Global| Mar 13 2013U.S. Import Prices Jump With Higher Oil Costs
by:Tom Moeller
|in:Economy in Brief
Summary
Prices in the U.S. foreign trade sector increased during February, for the second consecutive month. Import prices jumped 1.1% (-0.3% y/y), about double the unrevised 0.6% January rise. The Action Economics survey looked for prices to [...]
Prices in the U.S. foreign trade sector increased during February, for the second consecutive month. Import prices jumped 1.1% (-0.3% y/y), about double the unrevised 0.6% January rise. The Action Economics survey looked for prices to rise 0.5%. Higher petroleum prices led last month's gain with a 5.2% jump (-1.4% y/y) following a 3.0% January increase.
Nonpetroleum import prices were unchanged (0.3% y/y) following two months of 0.1% uptick. Higher were foods, feeds & beverages prices as they jumped 0.6% (-0.8% y/y). Prices for nonauto consumer goods prices notched up 0.1% (0.2% y/y). These gains were offset by a 0.1% slip (+0.2% y/y) in capital goods prices outside of the high-tech area. Computers, peripheral & semiconductor costs were unchanged (-1.6% y/y) for the third consecutive month. Automotive vehicle costs also were unchanged (1.4% y/y) while nonoil industrial supplies & material prices again slipped 0.1% (+1.0% y/y).
U.S. export prices were strong and gained 0.8% (1.1% y/y) in February. That rise contrasted with expectations for a 0.3% increase. Prices were led higher by a 1.7% rise (14.6% y/y) in agricultural goods prices which reversed the January decline. Capital goods prices also were firm and posted a 0.4% rise (1.0% y/y) while motor vehicle & parts prices ticked up 0.2% (1.0% y/y). These gains were offset by a fourth consecutive decline -0.6% y/y) in nonauto consumer goods 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 is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | Feb | Jan | Dec | Feb Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 1.1 | 0.6 | -0.6 | -0.3 | 0.3 | 10.9 | 6.9 |
| Petroleum | 5.2 | 3.0 | -2.9 | -1.4 | -0.3 | 36.5 | 28.4 |
| Nonpetroleum | 0.0 | 0.1 | 0.1 | 0.3 | 0.3 | 4.5 | 2.8 |
| Exports - All Commodities | 0.8 | 0.3 | -0.1 | 1.5 | 0.4 | 8.1 | 4.9 |
| Agricultural | 2.0 | -1.2 | 0.1 | 13.4 | 2.4 | 22.3 | 7.9 |
| Nonagricultural | 0.6 | 0.5 | -0.2 | 0.0 | 0.1 | 6.6 | 4.6 |
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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