February 2000 U.S. Import and Export Price Indexes

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- FEBRUARY 2000-

The U.S. Import Price Index rose 1.9 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase--the largest since October 1990--was primarily led by higher prices for imported petroleum products. Nonpetroleum import prices were also up in February. Export prices increased in February, up 0.5 percent after edging up 0.1 percent in January.

Import Goods

Import prices were up 1.9 percent last month--the eighth consecutive monthly increase--and have risen 9.0 percent during the past year. Prices for petroleum imports surged 13.9 percent in February, the largest monthly jump in this component since last April. The petroleum index has increased for twelve consecutive months and has advanced 168.4 percent over the past year. Nonpetroleum import prices, which rose 0.3 percent in February after dipping 0.1 percent in January, also contributed to the increase for overall imports. Over the past twelve months, the non-petroleum index increased slightly, up 0.1 percent.

The February increase for the nonpetroleum import index was largely attributable to rising prices for industrial supplies and materials. Led by rising metal prices, the index for industrial supplies and materials excluding petroleum rose 1.4 percent in February after recording little movement in the previous two months. For the year ended in February, the index advanced 6.6 percent. Automotive vehicles, parts, and engines also increased in February, rising 0.1 percent for the second consecutive month and 0.7 percent for the year.

In contrast, the price indexes for foods, feeds, and beverages, and for capital goods decreased last month. Led by continuing declines in prices for vegetables and coffee, the index for foods, feeds, and beverages decreased 0.6 percent in February after falling 1.3 percent in January. Capital goods prices also declined last month, down 0.1 percent for the fifth consecutive month. Over the past year, the index recorded only one monthly increase and was down 3.6 percent.

The index for consumer goods was unchanged for the second consecutive month and decreased 0.9 percent for the year ended in February.

Export Goods

In February, prices for overall exports increased 0.5 percent, the largest monthly gain since April 1996. For the year ended in February, export prices were up 1.4 percent. Last month's increase was widespread with all the major commodity areas posting increases. Agricultural export prices, which had decreased in four of the previous five months, rose 1.0 percent in February after increasing 0.2 percent in January. The 2-month upturn was led by rising prices for grains and oilseeds. Despite the recent gains, the index fell 3.4 percent over the past 12 months.

Prices for nonagricultural exports rose 0.5 percent in February, the largest monthly increase for this index since April 1995. The index has increased nine consecutive months and was up 1.9 percent for the year. Led by a jump in exported fuel prices, the index for nonagricultural industrial supplies and materials continued to have the largest impact on the index, rising 1.6 percent in February and 8.8 percent over the past 12 months.

In addition, the indexes for the major finished goods areas each posted modest increases last month. Export prices for capital goods and automotive parts and engines edged up 0.1 percent in February after recording no change the previous month. The consumer goods index was also up slightly last month, 0.2 percent, following no change in January. For the year ended in February, each of the major finished goods indexes posted movements of less than one percent.

Imports by Locality of Origin

Prices of imports from Canada rose 2.0 percent in February, the largest increase for this index since monthly publication began in 1993. Led primarily by ongoing price increases for petroleum products, the index has advanced 9.6 percent during the past 12 months.

Also largely attributable to rising petroleum prices, the import price index for Latin America rose 1.6 percent in February. Over the past 12 months, the index gained 21.0 percent.

In addition, prices of imports from the European Union increased 0.2 percent in February, after recording no change, on average, in January. For the February 1999-2000 period, the index rose 1.1 percent.

In contrast, the index for imports from Japan dipped 0.1 percent in February, after increasing during the previous six months. For the year ended in February, the index rose 1.2 percent.

The index for imports from the Asian Newly Industrialized Countries also declined 0.1 percent last month, after decreasing the same amount in January. Over the past twelve months, the index fell 0.8 percent.