February 2001 U.S. Import and Export Price Indexes

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- FEBRUARY 2001-

The U.S. Import Price Index increased 0.1 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The rise followed a 0.1 percent decrease in January and was led by an increase in imported petroleum prices. The Export Price Index declined 0.2 percent in February, after gaining 0.3 percent in January.

Import Goods

The February increase for overall import prices followed declines of 0.1 percent and 0.6 percent in the previous two months and was the first increase in this index since a 1.1 percent rise in September. Prices for petroleum imports rose 1.7 percent in February. Imported petroleum prices had fallen 5.7 percent and 9.8 percent in January and December, respectively. Over the past 12 months, imported petroleum prices were down 5.2 percent. In contrast, nonpetroleum import prices fell 0.1 percent in February, after increasing 0.7 percent in January and 0.9 percent in December. From February 2000 to February 2001, prices for nonpetroleum imports increased 1.7 percent. Over the same time period, the price index for overall imports was up 0.8 percent.

The price index for foods, feeds, and beverages declined 1.7 percent in February, led by a 12.8 percent decrease for imported vegetables. Over the past 12 months, the index for foods, feeds, and beverages was down 4.3 percent. Prices of imported capital goods and automotive vehicles also contributed to the decrease in nonpetroleum prices in February, declining 0.1 percent and 0.2 percent, respectively. The price index for imported capital goods-which has either decreased or been unchanged for 10 consecutive months-was down 2.2 percent for the year ended in February; over the same period, imported automotive vehicle prices were up 0.4 percent.

The price index for imported consumer goods edged up 0.1 percent for the second consecutive month. Over the year, however, the index was down 0.8 percent.

Prices for imported nonpetroleum industrial supplies and materials, which had jumped 7.6 percent over December and January, were unchanged in February as natural gas prices eased after recent increases.

Export Goods

The 0.2 percent decline in the export index was led by a 1.7 percent drop in agricultural prices, as grain prices moved lower in February. This marked the first decrease in agricultural export prices since August. Over the past 12 months, the index was up 0.8 percent. The index for nonagricultural export prices also fell last month, down 0.1 percent. For the year ended in February, this index was up 0.5 percent. Over the same time period, overall export prices were up 0.6 percent.

Prices for nonagricultural industrial supplies and materials were the largest contributor to the decline in nonagricultural export prices, decreasing 0.2 percent on average in February. For the year ended in February, the price index of nonagricultural industrial supplies and materials was up 1.2 percent. The price indexes for exported automotive vehicles and consumer goods also fell in February, each down 0.1 percent. From February 2000 to February 2001, automotive vehicle prices were up 0.7 percent, while consumer goods prices fell 0.5 percent.

In contrast, the price index for exported capital goods rose 0.1 percent in February. Capital goods prices have risen in five of the past six months. For the year ended in February, this index was up 0.5 percent.

Imports by Locality of Origin

Import prices for goods from Japan declined 0.4 percent in February, paralleling the increase in the value of the U.S. dollar versus the yen. Over the past 12 months, this index was down 0.7 percent.

The price index of imports from the Asian Newly Industrialized Countries also decreased in February, falling 0.5 percent. The index was down 2.6 percent for the year ended in February.

Import prices from Canada fell 0.9 percent in February, after having risen 6.9 percent over December and January. The decline was only the third monthly decrease in this index in the past two years. Prices of imports from Canada were up 12.1 percent over the past 12 months.

Import prices from the European Union were up 0.7 percent in February, reflecting the strengthening of the euro versus the U.S. dollar. This was the first increase in this index since July; the index was down 1.3 percent for the year ended in February.

The price index for imports from Latin America was unchanged in February and was up 2.3 percent over the past 12 months.