Global| Jan 14 2014U.S. Import Prices Remain Unchanged M/M But Decline For All of 2013
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices were unchanged last month (-1.3% y/y) following sharp declines during the prior two months. A 0.3% increase had been expected in the Action Economics survey. For all of last year, import prices fell 1.1%, the first [...]
Import prices were unchanged last month (-1.3% y/y) following sharp declines during the prior two months. A 0.3% increase had been expected in the Action Economics survey. For all of last year, import prices fell 1.1%, the first decline since 2009. A 0.1% downtick last month (-1.5% y/y) in petroleum prices was accompanied by an unchanged level of nonpetroleum prices (1.3% y/y).
Last month's weakness in nonpetroleum prices reflected a 0.2% decline (-0.4% y/y) in nonauto consumer goods prices. Automotive prices slipped 0.1% (-1.4% y/y) as did capital goods prices (-0.9% y/y). To the upside, foods, feeds & beverages costs gained 0.6% (4.1% y/y) and industrial materials prices ticked up 0.1% (-3.0% y/y).
U.S. export prices increased 0.4% (-1.0% y/y) last month after a 0.1% November uptick. A 0.1% rise had been expected. Agricultural export prices increased 0.4% (-6.3% y/y) after two months of decline while nonagricultural prices gained 0.3% (-0.5% y/y).
Industrial supplies & materials export prices increased 1.0% (-1.4% y/y) while foods, feeds & beverages costs gained 0.5% (-6.9% y/y) after two months of slippage. Nonauto consumer goods prices ticked up 0.1% (-1.4% y/y) for the third straight month as capital goods prices slipped 0.1% (+0.7% y/y). Auto prices also slipped 0.1% (+0.6% y/y).
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, %) | Dec | Nov | Oct | Dec Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.0 | -0.9 | -0.6 | -1.3 | -1.1 | 0.3 | 10.9 |
| Petroleum | -0.1 | -4.7 | -3.6 | -1.5 | -2.6 | -0.3 | 36.5 |
| Nonpetroleum | 0.0 | 0.1 | 0.1 | -1.3 | -0.6 | 0.3 | 4.5 |
| Exports - All Commodities | 0.4 | 0.1 | -0.6 | -1.0 | -0.4 | 0.4 | 8.1 |
| Agricultural | 0.4 | -0.2 | -1.3 | -6.3 | 1.7 | 2.4 | 22.3 |
| Nonagricultural | 0.3 | 0.1 | -0.5 | -0.5 | -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.
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