Global| Jul 15 2014U.S. Import Prices Tick Higher; Export Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices nudged up 0.1% during June (1.2% y/y) following a 0.3% May rise, last month reported as 0.1%. A 0.3% increase had been expected in the Action Economics Forecast Survey. A 1.4% rise (6.4% y/y) in petroleum prices provided [...]
Import prices nudged up 0.1% during June (1.2% y/y) following a 0.3% May rise, last month reported as 0.1%. A 0.3% increase had been expected in the Action Economics Forecast Survey. A 1.4% rise (6.4% y/y) in petroleum prices provided the strength to overall import costs. That was accompanied by a 0.2% dip (+0.1% y/y) in nonoil prices, down for the third consecutive month.
Last month's slip in nonpetroleum import prices reflected a 1.7% decline (+2.7% y/y) in foods, feeds & beverages prices. Nonoil industrial materials costs also fell 0.2% (-1.2% y/y). Elsewhere, prices were unchanged m/m. Nonauto consumer goods prices moved 0.7% higher y/y, capital goods prices slipped 0.1% y/y and automotive prices fell 0.4% y/y.
U.S. export prices fell 0.4% (+0.2% y/y) in June after the prior month's 0.1% gain. A 0.2% rise in prices had been expected. A 1.8% decline (-1.2% y/y) in agricultural export costs led prices lower followed by a 0.3% fall (+0.3% y/y) in nonagricultural prices.
Export prices excluding petroleum & foods fell 0.2% (+0.1% y/y). Nonauto consumer goods prices improved 0.1% (-0.1% y/y). Motor vehicles & parts prices also ticked 0.1% higher (0.6% y/y) and capital goods prices gained 0.1% as well (0.9% 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, %) | Jun | May | Apr | Jun Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.1 | 0.3 | -0.5 | 1.2 | -1.1 | 0.3 | 10.9 |
| Petroleum | 1.4 | 2.2 | -1.1 | 6.4 | -2.6 | -0.3 | 36.5 |
| Nonpetroleum | -0.2 | -0.1 | -0.3 | 0.1 | -0.6 | 0.3 | 4.5 |
| Exports - All Commodities | -0.4 | 0.1 | -1.0 | 0.2 | -0.4 | 0.4 | 8.1 |
| Agricultural | -1.8 | 0.3 | 1.5 | -1.2 | 1.7 | 2.4 | 22.3 |
| Nonagricultural | -0.3 | 0.1 | -1.3 | 0.3 | -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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