June 1994 U.S. Import and Export Price Indexes

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

-JUNE 1994-

Led by a continuing increase in petroleum prices, the U.S. Import Price Index rose 0.7 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The advance in import prices followed increases of 0.8 percent in each of the 2 preceding months. In contrast, export prices were unchanged, on average, in June, after edging up 0.3 percent in May.

Import Goods

The June increase in import prices brought the rise for the second quarter (March to June) to 2.3 percent, the largest quarterly increase since the third quarter of 1990. For the year ended in June, import prices were up only 1.2 percent.

Most of the second quarter increase was attributable to higher petroleum prices, which rose 4.5 percent in June after jumping 8.2 percent in May and 5.1 percent in April. Prices for petroleum, however, were still 5.7 percent lower than in June 1993.

The index for prices of nonpetroleum imports rose 0.3 percent in June, similar to the rate of increase during the 3 preceding months. For the year ended in June, prices of nonpetroleum imports were up 2.0 percent. Led by a continued increase in coffee prices, the index of imported foods, feeds, and beverages rose 2.2 percent in June and 5.4 percent overall during the second quarter. In addition, the price index for nonpetroleum industrial supplies and materials resumed its recent upward trend in June, advancing 0.6 percent after dipping 0.2 percent in May. The index for capital goods rose 0.3 percent in June after being virtually unchanged during the 2 prior months.

In contrast, import prices for automotive vehicles, which had edged up in each of the 3 preceding months, were unchanged on average in June, while prices of consumer goods, which had moved up slightly during the 2 preceding months, fell 0.1 percent.

Export Goods

Agricultural export prices were down in June--declining 2.1 percent, after advancing 1.3 percent in the previous month--as prices moved lower for grain, vegetables, meat and nuts. In the year ended in June, however, agricultural prices were up 9.1 percent.

The 0.3 percent increase in prices of nonagricultural exports in June was in line with the average monthly increase in this index during the first half of the year. The June advance was attributable to a continued rise in prices of nonagricultural industrial supplies and materials, up 1.2 percent. In contrast, the indexes for capital goods, the largest component of exports, and automotive vehicles were both unchanged in June, while prices for consumer goods fell 0.4 percent.

Imports by Country or Region of Origin

After increasing 0.4 percent, on average, in each of the prior 3 months, the price index of imports from Japan was unchanged in June. During the year ended in June, the average price of imported Japanese goods rose 4.8 percent.

Prices of goods from the European Community continued a modest upswing in June, rising 0.4 percent following increases of 0.3 percent in May and 0.5 percent in April. In the 12 months ended in June, however, the index was virtually unchanged, rising 0.1 percent.

Canadian goods rose 1.3 percent in June, attributable primarily to higher prices for nonmanufactured goods. For the year ended in June, Canadian prices were up 1.8 percent.

Prices of products from the Asian Newly Industrialized Countries, down 0.2 percent, continued to record comparatively little movement. During the past 12 months, the index declined 0.7 percent.

International Services

Air Transportation

The U.S. Carrier and Foreign Carrier Air Passenger Fares Indexes both posted increases this quarter. The 5.8 percent increase in the U.S. Carrier Index and the 6.0 percent rise in the Foreign Carrier Index were attributable to seasonal increases in the Atlantic region as well as more modest increases in the Pacific and Canadian regions.

The Inbound Air Freight Index increased 1.8 percent this quarter, reversing a slight downward trend during the preceding 2 quarters. Increases of 2.0 percent in the two largest regions--the Atlantic and Pacific--contributed to this quarterly gain. The Outbound Air Freight Index declined 0.4 percent due to decreases in both the Atlantic and Pacific regions.

Ocean Transportation

The Inbound Ocean Liner Freight Index continued its recent turnaround, rising 2.5 percent this quarter after advancing 1.3 percent in the previous quarter. The second quarter increase was largely the result of a 4.8 percent rise in the U.S West Coast Region.

The Inbound Crude Tanker Index posted a fourth consecutive quarterly decline, down 0.9 percent. This drop, which was considerably smaller than the earlier monthly decreases, was led by declining prices in the Gulf region, which more than offset higher prices in the Atlantic region.