US import prices for November MoM 0.1% vs -0.2% estimate. YoY 1.3%

December 13, 2024 at 01:30PM

Prior month import prices +0.3% revised to 0.1%

Prior month export prices +0.8% revised to 1.0%

Import prices YoY 1.3% vs 0.6% last month (revised from 0.8%). Largest since July

Import prices MoM 0.1% vs -0.2% estimate

Export prices MoM 0.0% vs -0.2% estimate

Imports details:

Fuel Imports:

Prices increased 1.0% in November (after a 0.8% decline in October).

Higher prices for natural gas (+47.4%) and petroleum (+0.4%) contributed to the rise.

Year-over-year, fuel prices declined 8.6%, with petroleum prices down 7.6% and natural gas prices down 34.5%.

All Imports Excluding Fuel:

Prices were unchanged in November (after rising 0.2% in September and October).

Higher prices for foods, feeds, beverages, and consumer goods offset declines in nonfuel industrial supplies, capital goods, and automotive vehicles.

Prices increased 2.3% over the past 12 months.

Foods, Feeds, and Beverages:

Prices rose 1.3% in November, the largest monthly increase since July 2024 (+2.0%).

The rise was driven by a 13.1% increase in vegetable prices.

Nonfuel Industrial Supplies and Materials:

Prices declined 0.2% in November (after rising 1.2% in October and 1.0% in September).

Lower prices for unfinished metals and chemicals led the decline.

Finished Goods:

Capital Goods: Prices decreased 0.1%, the first drop since May 2024, due to lower machinery and equipment prices.

Automotive Vehicles: Prices fell 0.1%, the first decrease since November 2023, driven by lower prices for non-engine parts.

Consumer Goods: Prices increased 0.1% for the third consecutive month.

Export details:

Agricultural Exports:

Prices declined 0.4% in November (previously increased by 1.9% in October, 0.8% in September).

Soybean and fruit prices fell, offsetting higher prices for nuts, bakery/confectionery products, and meat.

Prices decreased 2.5% over the past 12 months.

All Exports Excluding Agriculture:

Prices increased 0.1% in November (after a 0.8% rise in October).

Higher prices for capital goods and nonagricultural foods offset lower consumer goods prices.

Prices for industrial supplies, materials, and automotive vehicles were unchanged.

Year-over-year prices rose 1.2%, the largest 12-month gain since July 2024.

Nonagricultural Industrial Supplies and Materials:

Prices were unchanged in November (following a 1.8% increase in October).

A 1.0% drop in chemical prices offset higher prices for nonferrous metals and fuel.

Finished Goods:

Capital goods prices increased 0.1% in November (following a 0.3% rise in October), driven by electrical generating equipment and tech products.

Consumer goods prices fell 0.1%, with declines in manufactured nondurables and durables.

Automotive vehicle prices were unchanged; higher prices for new passenger vehicles offset lower prices for goods-transport vehicles.

This article was written by Greg Michalowski at www.forexlive.com.