U.S. Import & Export Prices Rise for the Second Straight Month in February
Summary
- Import prices +0.3% (-0.8% y/y) in Feb. after +0.8 (-1.3% y/y) in Jan., led by a 1.8% m/m rise in imported fuel prices.
- Excluding fuels, import prices +0.2%, the fourth consecutive m/m gain.
- Export prices +0.8% (-1.8% y/y), reflecting rises of 0.8% m/m in both agricultural & nonagricultural export prices.
- Year-on-year import & export prices decline for the 13th straight month.
Import prices rose an expected 0.3% m/m in February after a 0.8% increase in January (unrevised) and a 0.7% decline in December (unrevised), according to the Bureau of Labor Statistics. The February reading was the second consecutive monthly rise following three successive m/m decreases. The year-on-year rate was at -0.8% in February after -1.3% in January, registering the 13th straight negative y/y pace; it was -1.1% y/y in February 2023. Export prices grew a more-than-expected 0.8% in February after a 0.9% rise in January (+0.8% initially) and a 0.7% decrease in December (unrevised). The February figure was the second successive monthly increase after three straight m/m declines. The y/y rate was at -1.8% in February, the 13th consecutive y/y decrease, following -2.2% in January; it was -0.8% y/y in February 2023. The Action Economics Forecast survey had expected m/m rises of 0.3% in import prices and 0.6% in export prices for February.
The monthly rise in import prices in February was led by a 1.8% increase (-4.1% y/y) in imported fuel prices after a 1.2% rebound (unrevised) in January. The February reading was the second successive monthly gain following three straight m/m drops. The increase in imported fuel costs reflected price rises of 6.8% (-40.2% y/y) in natural gas, 3.7% (3.9% y/y) in crude oil, and 1.7% (-1.8% y/y) in petroleum & petroleum products. However, import prices for fuel oil (-5.3%; -14.7% y/y) and other petroleum products (-2.5%; -10.1% y/y) fell m/m in February after having rebounded in January. Nonfuel import prices rose 0.2% (-0.5% y/y) in February, the fourth straight m/m rise, on top of a 0.7% increase in January (unrevised). Import prices for foods, feeds & beverages (1.1%; 2.9% y/y), consumer goods excluding autos (0.3%; 0.5% y/y), capital goods (0.2%; -0.1% y/y), and automotive vehicles & parts (0.1%; 2.0% y/y) increased m/m for the second consecutive month in February. In contrast, import prices for nonfuel industrial supplies & materials fell 0.5% (-6.1% y/y) in February, the first m/m fall since October, after holding steady in January.
The February increase in export prices reflected m/m gains in both agricultural and nonagricultural export prices. Agricultural export prices rebounded 0.8% (-8.9% y/y) in February, the first m/m increase since July 2023, after unrevised drops of 1.0% in January and 0.2% in December. Nongricultural export prices rose 0.8% (-1.0% y/y) in February following a 1.1% increase in January (+0.9% initially) and three straight m/m falls. Export prices for industrial supplies & materials (1.6%; -4.1% y/y), foods, feeds & beverages (0.7%; -9.5% y/y), and capital goods (0.4%; 2.2% y/y) rose m/m in February. Meanwhile, export prices for consumer goods excluding autos (-1.1% y/y) and automotive vehicles & parts (2.8% y/y) were unchanged m/m in February.
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.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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