Haver Resources
Mar 18

U.S. Import and Export Prices Increase During February

Summary
  • Import price rise led by fuels & lubricants.
  • Export price increase reflects stronger food prices.

Import prices rose 0.4% (2.0% y/y) during February after increasing by the same amount in January, revised from 0.3%. A 0.1% easing had been expected in the Action Economics Forecast Survey. Export prices rose 0.1% (2.1% y/y) after increasing an unrevised 1.3% in January. A 0.2% decline had been expected.

Foods, feeds & beverage import prices held steady (+8.2% y/y) last month after rising 0.2% in January. Fuels & lubricants prices rose 1.7% (2.8% y/y), the fourth consecutive monthly gain. Capital goods import prices eased 0.2% (-0.4% y/y) after rising 0.1% in January. Motor vehicle & parts import costs held steady (+1.4% y/y), while nonauto consumer goods prices rose 0.4% (-0.1% y/y). Import prices excluding fuels rose 0.3% (2.0% y/y).

In February, export prices of foods feeds & beverages increased 0.9% (2.3% y/y) after holding steady in January. Industrial supplies & materials prices were unchanged last month (+2.9% y/y) following a 3.2% strengthening. Capital goods export prices improved 0.1% (1.5% y/y) after surging 1.8% in January. Motor vehicle & parts prices rose 0.2% (2.3% y/y) after dipping 0.1% in January. Consumer goods export prices less autos gained 0.6% (1.3% y/y) after a 0.3% increase. Agricultural commodity prices rose 0.8% (0.6% y/y) while nonagricultural product costs edged 0.1% higher (2.2% y/y) after strengthening 1.5% in January.

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.

About The Author

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Thomas J. Moeller

Haver Analytics is pleased to bring Thomas J. Moeller’s commentaries on the state of the U.S. economy to its clients.

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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