Global| Sep 14 2016U.S. Import Prices Slip with Lower Fuel Costs; Export Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices eased 0.2% during August (-2,2% y/y) following an unrevised 0.1% July gain. The rise compared to expectations for no change in the Action Economics Forecast Survey. These figures are not seasonally adjusted. A 2.8% [...]
Import prices eased 0.2% during August (-2,2% y/y) following an unrevised 0.1% July gain. The rise compared to expectations for no change in the Action Economics Forecast Survey. These figures are not seasonally adjusted.
A 2.8% decline in petroleum import prices (-12.9% y/y) held back the overall import price index. Nonpetroleum import prices remained unchanged (-0.9% y/y) after a 0.5% increase. Prices for non-oil industrial supplies & materials increased 0.6% (-1.0% y/y) following a 2.2% jump. Foods, feeds & beverage costs declined 0.5% (+0.6% y/y) after a 3.1% surge. Motor vehicle & parts prices fell 0.2% (-0.8% y/y) for a second straight month. Nonauto consumer goods prices eased 0.1% (-0.4% y/y), down for the fifth month in the last six. Capital goods prices remained unchanged (-1.8% y/y), and they have been falling since 2013. Capital goods prices excluding computers, peripherals & semiconductors increased 0.2% (-1.1% y/y) following no change.
Export prices declined 0.8% (-2.4% y/y) following an unrevised 0.2% rise. No change in prices had been expected.
Nonagricultural commodity prices declined 0.4% (-2.2% y/y) following a 0.2% increase. Agricultural goods costs fell 3.4% (-3.5% y/y) following a 0.3% dip. Foods, feeds & beverage prices declined 3.5% (-2.9% y/y) following a 0.4% fall. Industrial supplies & materials costs were off 1.2% (-5.1% y/y), the first decline in six months. Nonauto consumer goods prices eased 0.1% (-1.5% y/y) after a 0.5% increase. Capital goods prices slipped 0.1% (-0.7% y/y), down for the third straight month. Motor vehicle & parts prices fell 0.5% (-1.1% y/y) following no change.
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, %) | Aug | Jul | Jun | Aug Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.2 | 0.1 | 0.7 | -2.2 | -10.2 | -1.1 | -1.1 |
| Petroleum | -2.8 | -3.6 | 11.4 | -12.9 | -46.0 | -5.6 | -2.6 |
| Nonpetroleum | 0.0 | 0.5 | -0.2 | -0.9 | -2.8 | 0.1 | -0.6 |
| Exports - All Commodities | -0.8 | 0.2 | 0.7 | -2.4 | -6.3 | -0.5 | -0.4 |
| Agricultural | -3.4 | -0.3 | 2.5 | -3.5 | -13.3 | -2.7 | 1.6 |
| Nonagricultural | -0.4 | 0.2 | 0.5 | -2.2 | -5.5 | -0.3 | -0.7 |
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.
