February 1995 U.S. Import and Export Price Indexes

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-FEBRUARY 1995-

The U.S. Import Price Index rose 0.6 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The index had increased 0.3 percent in January after declining 0.1 percent in December. The U.S. Export Price Index also rose 0.6 percent in February, following increases of 0.9 percent in January and 0.7 percent in each of the 2 preceding months.

Import Goods

The increase in import prices was relatively broad as the index for petroleum rose 2.1 percent in February after gaining 0.9 percent in the previous month, while the index for nonpetroleum imports advanced 0.5 percent, the largest 1 month gain in this component since October 1994.

The upturn in nonpetroleum prices, which increased 0.2 percent in January, continued to be led by higher prices for nonpetroleum industrial supplies and materials, which rose 1.3 percent for the second month in a row and 11.3 percent overall during the past 12 months. In addition, average prices for the major finished goods indexes all posted increases in February after edging down recently. Prices for imported capital goods, which had declined in each of the 3 preceding months, rose 0.3 percent in February, while the index for imported automobiles also rose 0.3 percent after decreasing during the 2 prior months. Consumer goods prices advanced 0.4 percent in February, following a 0.1 percent decline in January.

In contrast, prices for foods, feeds, and beverages declined 1.1 percent in February after increasing during the 2 prior months; however, prices in this category are 14.4 percent higher than a year ago.

Export Goods

Higher export prices were reflected in both major components of U.S. exports as the index for nonagricultural commodities continued its recent series of moderate increases, advancing 0.6 percent, while prices for agricultural exports rose 0.5 percent after edging down 0.1 percent in January.

The increase in nonagricultural export prices was again highlighted by advances in nonagricultural industrial supplies and materials, which increased 1.5 percent in February and 17.0 during the past 12 months. In addition, prices for consumer goods and automotive vehicles both posted increases of 0.3 percent in February, slightly larger than the average monthly increases recorded by each series during the past year.

In contrast, prices for capital goods exports were unchanged in February after recording a comparatively large 0.5 percent increase in January.

Imports by Country or Region of Origin

Prices for imported goods from the European Community posted a 0.8 percent increase in February after declining in each of the 2 preceding months. In the year ended in February, the index for imported goods from the European Community rose 5.3 percent.

Prices for goods from the other major country or regional sectors (Canada, Japan, and the Asian Newly Industrialized Countries) advanced 0.3 percent, on average, in February. During the year ended in February, prices for goods from Canada were up 7.2 percent, while those from Japan rose 3.5 percent. In contrast, items from the Asian Newly Industrialized Countries declined 0.2 percent.