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U.S. Import, Export Prices Unexpectedly Increase In January

February 16, 2024
in Headlines, Local news
U.S. Import, Export Prices Unexpectedly Increase In January


The Labor Department released a report on Thursday showing unexpected increases in U.S. import and export prices in the month of January.

The report said import prices climbed by 0.8 percent in January after falling by a revised 0.7 percent in December. Economists had expected import prices to come in unchanged, matching the flat reading originally reported for the previous month.

Import prices rose for the first time since September 2023 and saw the largest monthly advance since surging by 2.9 percent in March 2022.

The unexpected import price growth partly reflected a rebound in prices for fuel imports, which jumped by 1.2 percent in January after plummeting by 7.7 percent in December.

Prices for non-fuel imports also increased by 0.7 percent in January after coming in unchanged in December amid higher prices for consumer goods, capital goods, automotive vehicles, and foods, feeds, and beverages.

“While volatile oil prices have been the norm over the past few quarters, this is the first month of data that contains higher goods prices due to supply disruptions and higher shipping costs,” said Matthew Martin, U.S. Economist at Oxford Economics.

He added, “The monetary implications of one month’s data are minimal at this time, but recent data all but rule out a rate cut in the March Federal Open Market Committee meeting.”

Despite the monthly rebound, import prices in January were still down by 1.3 percent compared to a year ago, although that is much slower than the 2.4 percent year-over-year plunge seen in December.

The Labor Department said export prices also advanced by 0.8 percent in January following a revised 0.7 percent decrease in December.

Export prices were expected to edge down by 0.1 percent compared to the 0.9 percent slump originally reported for the previous month.

The report said export prices rose for the first time since September 2023, as a 0.9 percent increase in prices for non-agricultural exports more than offset a 1.0 percent tumble in prices for agricultural exports.

Compared to the same month a year ago, export prices in January were down by 2.4 percent versus a 2.9 percent nosedive in December.

Copyright © 2024, RTTNews.com, Inc. All Rights Reserved.

Tags: Breaking NewsEconomic NewsForex Top StoryFront Page NewsGeneral NewsTop story

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