U.S. Import Prices Edge Higher in November; Export Prices Are Unchanged

Import prices increased 0.1% (1.3% y/y) during November after rising 0.1% in October, revised from 0.3%. A 0.4% September decline was unrevised. The Action Economics Forecast Survey expected a 0.2% decline. Export prices held steady (+0.8% y/y) after strengthening 1.0% in October, revised from 0.8%. Prices rose an unrevised 1.0% during September. A 0.2% weakening had been expected.

Import prices excluding fuels were unchanged (+2.3% y/y) in November, following a 0.2% rise in October. Import prices for fuels & lubricants jumped 1.0% (-8.5% y/y), following a 0.5% weakening. Prices for industrial supplies & materials overall rose 0.2% (0.4% y/y) after rising 0.5% in October. Foods, feeds & beverage prices strengthened 1.3% (5.4% y/y) last month after a 1.0% October decline. Motor vehicle & parts import prices eased 0.1% (+2.4% y/y) last month following a 0.2% rise. Nonauto consumer goods prices inched up 0.1% (1.2% y/y) for the third consecutive month. Capital goods prices eased 0.1% (+0.8% y/y) and reversed the September rise.

Export pricing was lackluster in November. Agricultural commodities eased 0.4% (-2.5% y/y) after a 1.9% October rise. Nonagricultural product prices edged up 0.1% (1.2% y/y) following a 0.8% increase. Export prices of industrial supplies and materials eased 0.1% (+0.1% y/y) after rising 1.8% in the prior month. Motor vehicle & parts prices held steady (+3.0% y/y) last month after increasing 0.6% in October. Nonauto consumer goods prices declined 0.1% (-0.6% y/y) following a 0.2% slip. Capital goods prices edged 0.1% higher in November (2.1% y/y) after a 0.3% rise in October.

Each of these monthly trade price numbers are not seasonally adjusted. 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.