Recent Updates

  • Japan: Wage Indexes, Actual Hours Worked (Jul)
  • Taiwan: Shipments and Inventories (Jul)
  • US: U.S. Financial Accounts (Q2)
  • US: FHFA HPI (Jul)
  • Euro area: Flash Consumer Confidence Indicator (Sep)
  • US: Zillow Real Estate Market Reports (Aug); FHFA Census Division (Jul)
  • Canada: Wholesale Trade (Jul), Employment Insurance (Jul)
  • more updates...

Economy in Brief

U.S. Import Prices Ease as Oil Prices Decline
by Tom Moeller  December 13, 2016

Import prices slipped 0.3% during November (-0.1% y/y) following a 0.4% October increase, revised from 0.5%. A 0.4% decline had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.

A 4.7% decline (+2.4% y/y) in petroleum import prices led the fall in the overall import price index, as it followed a 7.3% jump. Nonpetroleum import prices were unchanged (-0.2% y/y), and have been for four months. Prices for non-oil industrial supplies & materials increased 0.3% (0.7% y/y) after a 0.4% decline. Foods, feeds & beverage costs jumped 1.5% (5.6% y/y) after a 0.7% decline. Motor vehicle & parts prices eased 0.1% (0.0% y/y) after a 0.3% rise. Nonauto consumer goods prices slipped 0.1% (-0.6% y/y), and reversed the prior month's increase. Capital goods prices declined 0.2% (-1.6% y/y), down 3.9% over the last three years. Capital goods prices excluding computers, peripherals & semiconductors eased 0.1% (-1.1% y/y) for a second month.

Export prices eased 0.1% (-0.3% y/y) following an unrevised 0.2% gain. A 0.2% decline had been expected.

Agricultural commodity prices increased 0.6% (-1.2% y/y) following as 0.5% gain. Nonagricultural goods costs eased 0.1% (-0.3% y/y) after a 0.2% increase. Foods, feeds & beverage prices jumped 0.7% (-1.3% y/y) following declines in three of the prior four months. Industrial supplies & materials slipped 0.3% (+0.8% y/y) following two months of strong increase. Motor vehicle & parts  prices remained unchanged (-0.6% y/y) while nonauto consumer goods prices fell 0.7% (-1.9% y/y), down for the third month in four. Capital goods prices remained steady for the third straight month (-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 from the Action Economics Forecast Survey is in the AS1REPNA database.

Import/Export Prices (NSA, %) Nov Oct Sep Nov Y/Y 2015 2014 2013
Imports - All Commodities -0.3 0.4 0.1 -0.1 -10.2 -1.1 -1.1
  Petroleum -4.7 7.3 0.6 2.4 -46.0 -5.6 -2.6
  Nonpetroleum 0.0 -0.1 0.0 -0.2 -2.8 0.1 -0.6
Exports - All Commodities -0.1 0.2 0.3 -0.3 -6.3 -0.5 -0.4
  Agricultural 0.6 0.5 -1.1 -1.2 -13.3 -2.7 1.6
  Nonagricultural -0.1 0.2 0.5 -0.3 -5.5 -0.3 -0.7
close
large image