Global| Oct 11 2012U.S. Import Prices Remain Strong With Petroleum
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. import prices jumped another 1.1% last month following an upwardly revised 1.1% August increase. Again, the gain was driven by petroleum prices which posted a 4.6% surge (-0.1% y/y). The latest overall increase outpaced the 0.7% [...]
U.S. import prices jumped another 1.1% last month following an upwardly revised 1.1% August increase. Again, the gain was driven by petroleum prices which posted a 4.6% surge (-0.1% y/y). The latest overall increase outpaced the 0.7% rise in the Action Economics survey.
Nonpetroleum import prices rose 0.2% (-0.9% y/y) as foods, fees & beverages costs jumped 1.7% (-1.9% y/y). Capital goods prices rose 0.2% (0.4% y/y) and auto prices rose 0.3% (1.6% y/y). Nonauto consumer goods prices were unchanged (0.6% y/y).
U.S. export prices were up 0.8% led by a 1.1% rise in agricultural items (6.7% y/y). Nonagricultural commodity prices rose 0.7% (-1.5% y/y). Automotive vehicles & product prices increased 0.3% (1.6% y/y) while nonauto consumer goods export prices gained 0.2% (-0.7% y/y) .Capital goods export prices were unchanged (1.0% y/y) for the second consecutive 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 is in the AS1REPNA database.
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.
Price Level Targeting: The Fed Has It About Right from the Federal Reserve Bank of St. Louis can be found here.
| Import/Export Prices (NSA, %) | Sep | Aug | Jul | Sep Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 1.1 | 1.1 | -0.7 | -0.6 | 10.9 | 6.9 | -11.5 |
| Petroleum | 4.6 | 5.8 | -2.3 | -0.1 | 36.5 | 28.4 | -35.9 |
| Nonpetroleum | 0.2 | -0.2 | -0.3 | -0.9 | 4.5 | 2.8 | -4.1 |
| Exports - All Commodities | 0.8 | 1.0 | 0.4 | -0.5 | 8.1 | 4.9 | -4.6 |
| Agricultural | 1.1 | 5.2 | 6.0 | 6.7 | 22.3 | 7.9 | -12.8 |
| Nonagricultural | 0.7 | 0.4 | -0.2 | -1.5 | 6.6 | 4.6 | -3.7 |
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.
