Keeping you up to date on the latest data releases.
January marked the fourth consecutive rise in import prices, all exceeding 1.0 percent. Import prices advanced 1.5 percent over the month, strengthening year-over-year growth to 5.3 percent. Petroleum prices started off the year with a 3.4 percent increase following strong gains averaging 4.6 percent in the last three months of 2010. However, even when petroleum is removed from the picture, nonpetroleum import prices still managed a sizeable 1.1 percent increase, the largest advance since April 2008, landing year-over-year growth at 3.2 percent. Imported food and beverage prices jumped 2.6 percent in January and gains have surpassed 2.0 percent in four of the past six months. Consequently, the series has charted double-digit 12-month growth for the past four months (currently at 14.8 percent).
Export prices climbed 1.2 percent in January, doubling December’s 0.6 percent gain and lifting year-over-year growth up to 6.8 percent, its highest since late 2008. Gains were broad-based, pervading all major categories except consumer goods excluding autos, where prices slipped 0.4 percent.