U.S. Import and Export Prices Rise in January 2024
Fuel and Nonfuel Import Prices Contribute to Increase
U.S. import and export prices increased by 0.8 percent each in January 2024, marking the first monthly rise since September 2023 and the largest since March 2022.
This import price increase, reported by the U.S. Bureau of Labor Statistics, was driven by higher prices for both fuel and nonfuel imports and came after a 0.7 percent decline in December.
The 0.8 percent rise in U.S. export prices also followed a 0.7 percent decline in December, the report said.
Import Price Trends
Over the past year, however, U.S. import prices have decreased by 1.3 percent, with no rise on a 12-month basis since January 2023.
Import fuel prices notably increased by 1.2 percent in January, countering previous declines. Petroleum prices rose by 2.3 percent, offsetting a 24.5 percent fall in import natural gas prices. Nonfuel imports also saw an increase, with a 0.7 percent rise in January, the largest monthly rise since March 2022. This increase was contributed to by higher prices in consumer goods, capital goods, automotive vehicles, and foods, feeds, and beverages.
Foods, Feeds, and Beverages
January saw a 1.5 percent rise in import prices for foods, feeds, and beverages, the largest since July 2023. This increase was led by significant rises in fruit and vegetable prices.
Nonfuel Industrial Supplies and Materials
The price index for these supplies remained unchanged in January, balancing out lower prices for finished metals and chemicals against higher prices for unfinished metals and selected building materials.
Finished Goods
In January, prices for major finished goods import categories, including consumer goods, automotive vehicles, and capital goods, all showed increases. Notably, consumer goods prices rose by 1.1 percent, marking the largest monthly increase since the index's inception in January 1989.
Export Price Trends
U.S. export prices mirrored the trend of imports, increasing by 0.8 percent in January, the first monthly rise since September 2023. This increase was primarily due to higher nonagricultural export prices, despite a decrease of 2.4 percent over the past 12 months.
Agricultural and Nonagricultural Export Prices
Agricultural exports saw a 1.0 percent decrease in January, influenced by lower prices for soybeans, animal feeds, corn, vegetables, and fruit. Nonagricultural export prices, however, rose by 0.9 percent, marking the first increase since September 2023.
Finished Goods Exports
The export price index for finished goods displayed mixed results. Capital goods exports saw a 0.9 percent increase, while automotive vehicle prices rose by 0.4 percent. In contrast, consumer goods prices experienced a significant decline of 1.2 percent, the largest monthly decrease since June 1991.
Read full BLS report here.
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