February 2003 U.S. Import and Export Price Indexes

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-FEBRUARY 2003-

The U.S. Import Price Index increased 1.3 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The rise in the index, which had advanced 1.6 percent in January, was again led by higher petroleum prices. The Export Price Index also was up in February, rising 0.4 percent for the second consecutive month.

Import Goods

Import prices rose for the third consecutive month and were up 3.6 percent over the three-month period. For the year ended in February, the price index for overall imports rose 7.0 percent. The increase in import prices continues to be primarily attributable to rising petroleum prices, which were up 8.2 percent in February, after increasing 13.3 percent in January, and are at the highest level since the index was first published in June 1982. Over the past 12 months, imported petroleum prices were up 75.0 percent. In addition, the index for nonpetroleum imports rose 0.4 percent in February, the largest monthly increase in this component since April 2002. The index was up 1.6 percent in the past 12 months.

The increase in nonpetroleum prices was led by a 2.3 percent increase in the index for nonpetroleum industrial supplies and materials. Rising prices for natural gas, petroleum-based products, and precious metals all contributed to the increase. For the year ended in February, nonpetroleum industrial supplies and materials prices were up 10.9 percent.

Modest increases in prices for each of the major finished goods indexes also contributed to the rise in nonpetroleum import prices. The rises paralleled the recent decline in the value of the U.S. dollar. The import price indexes of capital goods, consumer goods, and automotive vehicles each rose 0.1 percent in February. Over the past 12 months, prices for capital goods and consumer goods both declined, down 1.6 percent and 0.2 percent, respectively; prices for automotive vehicles were up 0.3 percent.

In contrast, the price index for imported foods, feeds, and beverages fell 0.7 percent last month, led by decreasing vegetable prices. For the year ended in February, however, the index was up 6.9 percent.

Export Goods

In February, export prices rose 0.4 percent for the second consecutive month, as increasing nonagricultural prices outweighed a downturn in agricultural prices. Over the past 12 months, the price index for overall exports was up 2.2 percent. The index for agricultural exports declined 0.6 percent last month, led by falling prices for vegetables and soybeans. Despite the decline, agricultural prices were up 9.8 percent for the year ended in February. Nonagricultural prices rose 0.5 percent in February, the largest increase in this index since April 1995. Over the past year, prices for nonagricultural exports were up 1.5 percent.

The February rise in nonagricultural export prices was led by increasing prices for industrial supplies and materials, up 1.7 percent last month-the largest jump in this index since a similar 1.7 percent advance in February 2000. Increasing prices for petroleum, petroleum-based products, and gold all contributed to the rise in prices for exported industrial supplies and materials. Over the last 12 months, the index was up 8.2 percent.

Prices for exported capital goods rose 0.2 percent for the second consecutive month, after declining or posting no change over the prior eight months. For the year ended in February, the index was down 0.7 percent. The price index for consumer goods also contributed to the overall increase in export prices last month, rising 0.3 percent. The advance was the largest monthly increase since September 1997.

The index for exported automotive vehicles was unchanged last month and was up 0.6 percent for the year ended in February.

Imports by Locality of Origin

The price index for imports from Japan was up 0.3 percent in February, the largest increase posted for this index since a similar change in July 2000. For the year ended in February, the index was down 1.1 percent.

Import prices from the Asian Newly Industrialized Countries were down 0.2 percent in February, the third consecutive decline in this index. For the February 2002-2003 period, the index was down 2.6 percent.

Prices of imports from the European Union, Latin America, and Canada all rose last month, led by higher fuel prices. Import prices from Europe were up 2.2 percent in February, the largest increase in this index since monthly publication began in October 1992. Over the past year, prices from the European Union were up 6.6 percent. The indexes of prices from Latin America and Canada increased 2.7 percent and 1.6 percent, respectively, in February. For the year ended in February, import prices from Latin America were up 15.3 percent and prices from Canada increased 9.2 percent.