August 2002 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.

-AUGUST 2002-

The U.S. Import Price Index increased 0.3 percent in August, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 0.4 percent rise in July and was the fifth in the past six months. The Export Price Index also rose in August, up 0.1 percent after gaining 0.3 percent in the previous month.

Import Goods

Overall import prices, which have decreased only once in the first eight months of 2002, continued upward in August, again led primarily by higher petroleum prices. Petroleum prices were up 2.1 percent last month after gaining 4.3 percent in July. The petroleum index, which increased in seven of the past eight months, has advanced 51.8 percent since December 2001. The price index for nonpetroleum imports also rose in August, edging up 0.1 percent after no change in July. Over the August 2001-2002 period, however, the nonpetroleum index declined 1.1 percent. Similarly, overall import prices were down 1.3 percent for the year ended in August.

The indexes for both capital goods and for foods, feeds, and beverages each gained 0.2 percent in August. Prices for capital goods decreased by the same amount in July and were down 2.1 percent for the year ended in August. In contrast, the index for foods, feeds, and beverages has increased in five of the past six months and was up 2.9 percent over the past year.

The indexes for automotive vehicles, parts, and engines, for nonpetroleum industrial supplies and materials, and for consumer goods were unchanged last month. The index for automotive vehicles, parts, and engines was unchanged for the second consecutive month and was up 0.5 percent for the year ended in August. Prices for nonpetroleum industrial supplies and materials and for consumer goods declined 1.4 percent and 1.0 percent, respectively, over the August 2001-2002 period.

Export Goods

Led by the continued rise in agricultural export prices, the index for overall exports edged up 0.1 percent in August. Agricultural export prices increased for the third straight month, up 1.9 percent in August and 5.8 percent over the past quarter. The index for nonagricultural exports was unchanged last month after a modest increase of 0.1 percent in July. Over the past 12 months, the index for nonagricultural exports decreased 0.7 percent. Overall export prices declined 0.4 percent during the same time period.

The price indexes for all the finished goods areas (capital goods, consumer goods, and automotive vehicles, parts, and engines) were either unchanged or posted slight increases in August. The indexes for consumer goods and for automotive vehicles, parts, and engines each edged up 0.1 percent last month. Over the past year, prices for consumer goods were down 0.2 percent, while prices for automotive vehicles, parts, and engines rose 0.4 percent. The index for capital goods was unchanged in August, after decreasing 0.4 percent on average for each of the previous three months. For the year, the capital goods index declined 1.6 percent.

In contrast, prices for nonagricultural industrial supplies and materials decreased 0.3 percent in August after increasing 4.6 percent over the previous five months. The decline was led by the indexes for wood pulp and recovered paper and for nonmonetary gold. Over the August 2001-2002 period, prices for nonagricultural industrial supplies and materials increased 0.6 percent.

Imports by Locality of Origin

Import prices from Japan and the Asian Newly Industrialized Countries were both unchanged last month after posting modest increases in July. Both indexes were down 2.7 percent for the year ended in August.

For the fifth consecutive month, the index for imports from the European Union increased, up 0.2 percent in August. From August 2001 to August 2002, the index has increased 4.2 percent, paralleling a strengthening of the Euro versus the dollar.

Led by rising prices for petroleum and petroleum products, import prices from Latin America and Canada each rose 0.7 percent in August after gaining 1.2 percent in July. For the year ended in August, import prices from Latin America increased 13.8 percent, while the index for Canada was up 5.1 percent.