Keeping you up to date on the latest data releases.
Import prices increased 0.7 percent in January after falling a revised −0.5 percent in December (−0.1 percent, previously). January’s gain is in line with the 0.7 percent increase predicted by consensus forecasters. Nonpetroleum import prices ticked up 0.1 percent and petroleum prices jumped 2.9 percent, driving the gain in the overall import price index. On a year-over-year basis, import prices fell for the third consecutive month, declining −1.3 percent in January. Nonpetroleum import prices increased 0.2 percent year-over-year after remaining flat in December and November. Despite their monthly jump, petroleum prices continued to decline on a yearly basis marking losses of −5.9 percent. After two months of relative weak reports, January’s import prices convey some strength which is likely due to the firming of the global economy.
Export prices edged up 0.3 percent after declining −0.2 percent and −0.6 percent in December and November, respectively. On a year-over-year basis, export prices advanced 1.1 percent marking the fourth consecutive month of yearly gains.