Global| Jun 12 2014U.S. Import and Export Prices Tick Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Import prices nudged up 0.1% during May (0.4% y/y) following a 0.5% April decline, last month reported as -0.4%. A 0.2% increase had been expected in the Action Economics Forecast Survey. A 1.1% rise (3.0% y/y) in petroleum prices [...]
Import prices nudged up 0.1% during May (0.4% y/y) following a 0.5% April decline, last month reported as -0.4%. A 0.2% increase had been expected in the Action Economics Forecast Survey. A 1.1% rise (3.0% y/y) in petroleum prices provided the strength to overall import costs. That was accompanied by a 0.1% dip (-0.2% y/y) in nonoil prices, down for the second consecutive month.
Last month's slip in nonpetroleum import prices reflected a 0.9% decline (-1.9% y/y) in nonoil industrial materials costs as well as a 0.8% drop (+2.9% y/y in foods, feeds & beverages prices. Elsewhere, prices firmed. Capital goods prices rose 0.2% (-0.3% y/y) and nonauto consumer goods prices edged 0.1% higher (0.7% y/y). Automotive prices were unchanged (-0.7% y/y).
U.S. export prices ticked 0.1% higher (0.5% y/y) in May after the prior month's 1.0% decline. No change in prices had been expected. A 0.5% rise (1.8% y/y) in agricultural export costs provided all the strength to the total last month. Nonagricultural prices gained 0.1% (0.5% y/y).
Export prices excluding petroleum and foods were unchanged (0.1% y/y). Nonauto consumer goods prices also were unchanged (-0.2% y/y) after two months of 0.3% increase. Apparel prices gained 0.9% (2.6% y/y). Motor vehicles & parts prices were stable (0.4% y/y) and capital goods prices gained 0.1% (0.8% y/y), repeating the April uptick.
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, %) | May | Apr | Mar | May Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.1 | -0.5 | 0.4 | 0.4 | -1.1 | 0.3 | 10.9 |
| Petroleum | 1.1 | -1.2 | 0.6 | 3.0 | -2.6 | -0.3 | 36.5 |
| Nonpetroleum | -0.1 | -0.4 | 0.4 | -0.2 | -0.6 | 0.3 | 4.5 |
| Exports - All Commodities | 0.1 | -1.0 | 0.9 | 0.5 | -0.4 | 0.4 | 8.1 |
| Agricultural | 0.5 | 1.5 | 2.8 | 1.6 | 1.7 | 2.4 | 22.3 |
| Nonagricultural | 0.1 | -1.4 | 0.8 | 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.
More Economy in Brief
