January 2014 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.

U.S. import prices rose for the second consecutive month in January advancing 0.1 percent, after a 0.2 percent increase in December, the U.S. Bureau of Labor Statistics reported today. In January, higher nonfuel prices more than offset declining fuel prices. U.S. export prices also rose in January, increasing 0.2 percent following a 0.4 percent advance in December.

Imports

All Imports: Import prices ticked up 0.1 percent in January following a 0.2 percent rise the previous month. The January advance was led by higher nonfuel prices, while the increase in December was driven by rising fuel prices. Despite the recent advances, prices for overall imports declined 1.5 percent for the year ended in January. Import prices have not recorded a year-over-year increase since a 0.9 percent rise between July 2012 and July 2013.

Fuel Imports: Fuel prices fell for the third time in the past 4 months in January, declining 0.6 percent, after a 1.3 percent advance in December. The January drop was led by a 1.2 percent decrease in petroleum prices, which more than offset a 14.1 percent increase in natural gas prices. Natural gas prices rose 67.3 percent over the past 4 months. Fuel prices also fell over the past year, declining 3.1 percent. The 12-month drop in fuel prices was driven by a 4.0 percent decrease in petroleum prices, while natural gas prices increased 26.7 percent over the same period.

All Imports Excluding Fuel: The price index for nonfuel imports advanced 0.3 percent in January, after recording little movement the previous 4 months. The increase was the largest monthly rise in nonfuel import prices since a 0.4 percent increase in March 2012. In January, higher prices for consumer goods; capital goods; foods, feeds, and beverages; and nonfuel industrial supplies and materials contributed to the overall advance in nonfuel import prices. In contrast, automotive vehicle prices decreased in January. Despite the January increase, nonfuel import prices fell 1.1 percent over the past 12 months.

Exports

All Exports: Export prices advanced for the third consecutive month in January, increasing 0.2 percent, after rising 0.4 percent in December and 0.2 percent in November. January marked the first time since October 2012 that export prices recorded 3 consecutive monthly advances. Despite the recent increase, overall export prices declined 1.2 percent for the year ended in January.

Agricultural Exports: The price index for agricultural exports fell 0.5 percent in January following a 0.4 percent increase the previous month. The January drop was driven by lower prices for wheat, soybeans, and meat, which decreased 6.5 percent, 1.9 percent, and 2.2 percent, respectively. Agricultural prices declined 5.7 percent for the year ended in January, after rising 10.7 percent between January 2012 and January 2013. The year-over-year decline in January 2014 was led by lower prices for corn, soybeans, and wheat.

All Exports Excluding Agriculture: Nonagricultural prices rose 0.2 percent in January following a 0.5 percent increase in December. In January, higher prices for nonagricultural industrial supplies and materials, capital goods, and automotive vehicles contributed to the overall increase in nonagricultural export prices. The price index for nonagricultural exports fell 0.5 percent over the past year, driven by declining prices for nonagricultural industrial supplies and materials and consumer goods.

SELECTED JANUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: The price index for imports from China edged down 0.1 percent in January, after ticking up 0.1 percent in each of the previous 2 months. The January decline was led by a 0.2 percent decrease in computer and electronic products prices. Import prices from China also fell over the past year, declining 0.7 percent. Prices for imports from Japan decreased 0.2 percent in January, after falling 0.3 percent in December. Import prices from Japan have not recorded a monthly advance since a 0.1 percent rise in October 2012, and declined 3.6 percent for the year ended in January -- the largest 12-month drop since a 3.8 percent decrease in March 2002. In contrast, prices for imports from the European Union and Canada each increased in January, rising 0.7 percent and 0.5 percent, respectively. Import prices from Mexico were unchanged in January.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials advanced 0.2 percent in January, driven by a 2.1 percent increase in chemicals prices. Higher prices for plastic materials and fertilizers each contributed to the January rise in chemicals prices.

Finished Goods: Consumer goods prices increased 0.7 percent in January, led by a 3.1 percent advance in the price index for medicinal, dental, and pharmaceutical materials. The January rise was the largest monthly increase for the index since a 1.0 percent advance in October 1992. Prices for capital goods also rose in January, increasing 0.2 percent. In contrast, automotive vehicles prices declined 0.2 percent in January and 1.6 percent over the past year. The year-over-year decline in January was the largest 12-month decline for the index since first publication in June 1981.

Foods, Feeds, and Beverages: The price index for foods, feeds, and beverages increased 0.8 percent in January, driven by a 4.0 percent advance in fish and shell fish prices.

Transportation Services: Import air passenger fares decreased 6.4 percent in January, the first monthly decline since a 7.9 percent decrease in August. Lower Asian and Latin American/Caribbean fares contributed to the January decline. The index for import air passenger fares rose 5.1 percent over the past 12 months. Import air freight prices were unchanged in January and advanced 0.6 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials rose 0.3 percent in January following a 1.1 percent advance in December. Despite the recent increase, nonagricultural industrial supplies and materials prices fell 1.7 percent for the year ended in January.

Finished Goods: Finished goods prices were mostly up in January. Capital goods prices increased 0.4 percent, the largest monthly advance since a 0.7 percent rise in January 2013. Prices for automotive vehicles advanced 0.2 percent in January, after recording no change the previous 2 months. The price index for consumer goods recorded no change in January.

Transportation Services: Export air passenger fares increased 1.5 percent in January, driven by a 12.7 percent jump in Asian fares. Despite the January advance, export air passenger fares fell 2.3 percent over the past year. Export air freight prices rose 2.4 percent in January and 1.1 percent over the past 12 months.

Import and Export Price Index data for February 2014 are scheduled for release on Thursday, March 13, 2014 at 8:30 a.m. (EDT).