Global| Aug 13 2013U.S. Import Prices Rise After Four Months of Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices increased 0.2% last month following a 0.4% June decline, initially reported as -0.2%. A 0.9% rise in prices had been expected in the Action Economics survey. A 3.2% jump (7.8% y/y) in petroleum prices was accompanied by [...]
Import prices increased 0.2% last month following a 0.4% June decline, initially reported as -0.2%. A 0.9% rise in prices had been expected in the Action Economics survey. A 3.2% jump (7.8% y/y) in petroleum prices was accompanied by a 0.5% decline (-0.7% y/y) in nonpetroleum costs, the third consecutive month of meaningful decline.
Last month's decline in nonpetroleum import prices was led by a 2.3% drop (-2.1% y/y) in nonoil industrial supplies & materials prices. Also down by 0.5% (-1.0% y/y) were auto & parts prices as well as nonauto consumer goods prices by 0.2% (-0.1% y/y). These declines were countered by a 0.2% rise (1.5% y/y) in foods, feeds & beverage prices. Capital goods prices outside of the high-tech area ticked up 0.1% (-0.5% y/y) but computers, peripheral & semiconductor costs were unchanged (-0.9% y/y).
U.S. export prices continued weak and slipped 0.1% (+0.4% y/y), the fifth consecutive monthly shortfall. A 0.1% rise had been expected. The 0.3% decline (+3.1% y/y) in agricultural prices led the way lower while nonagricultural goods export prices were unchanged both m/m and y/y. Nonauto consumer goods export prices ticked up 0.1% (-0.7% y/y) as did auto export prices (0.4% y/y). To the downside were prices of foods, feeds & beverages exports by 0.4% (+1.6% y/y) and capital goods export prices by 0.3% (1.0% y/y). Prices of industrial supplies & materials slipped 0.2% (-0.3% 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 is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | Jul | Jun | May | Jul Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.2 | -0.4 | -0.6 | 1.0 | 0.3 | 10.9 | 6.9 |
| Petroleum | 3.2 | -0.8 | -1.8 | 7.8 | -0.3 | 36.5 | 28.4 |
| Nonpetroleum | -0.5 | -0.3 | -0.3 | -0.7 | 0.3 | 4.5 | 2.8 |
| Exports - All Commodities | -0.1 | -0.1 | -0.5 | 0.4 | 0.4 | 8.1 | 4.9 |
| Agricultural | -0.3 | 0.8 | 1.0 | 3.1 | 2.4 | 22.3 | 7.9 |
| Nonagricultural | 0.0 | -0.2 | -0.7 | 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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