| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Import Prices - M/M | -0.3% | -0.3% to 0.3% | 0.1% | 0.3% | 0.1% |
| Import Prices - Y/Y | 1.0% | 1.0% to 1.0% | 1.3% | 0.8% | |
| Export Prices - M/M | -0.1% | -0.5% to 0.9% | 0% | 0.8% | 1.0% |
| Export Prices - Y/Y | 0.8% | -0.1% |
Highlights
Prices for U.S. imports rose 0.1 percent in November following a revised 0.1-percent rise the previous month (previously +0.3 percent) and compared to expectations for a 0.3 percent drop in the Econoday survey of forecasters. Higher import fuel prices drove the increase.
The minor upticks the past two months, coupled with import prices declines of 0.4 percent and 0.3 percent in September and August, respectively, points to little inflationary pressure from imports.
U.S. import prices increased 1.3 percent compared to November 2023, the largest rise since a 1.7 percent jump in July.
Prices for imported fuel rose 1 percent in November, after a 0.8-percent decline in October, but plunged 8.6 percent compared to a year ago.
Nonfuel import prices were unchanged in November, following increases of 0.2 percent for the previous two months."Higher prices for foods, feeds, and beverages and consumer goods in November offset lower prices for nonfuel industrial supplies and materials, capital goods, and automotive vehicles," the BLS said. Prices for nonfuel imports rose 2.3 percent over the past year.
The prices for U.S. exports were unchanged in November, after a 1 percent increase the previous month. Given November's flat reading, U.S. export prices rose by just 0.8 percent over the past year.
The minor upticks the past two months, coupled with import prices declines of 0.4 percent and 0.3 percent in September and August, respectively, points to little inflationary pressure from imports.
U.S. import prices increased 1.3 percent compared to November 2023, the largest rise since a 1.7 percent jump in July.
Prices for imported fuel rose 1 percent in November, after a 0.8-percent decline in October, but plunged 8.6 percent compared to a year ago.
Nonfuel import prices were unchanged in November, following increases of 0.2 percent for the previous two months."Higher prices for foods, feeds, and beverages and consumer goods in November offset lower prices for nonfuel industrial supplies and materials, capital goods, and automotive vehicles," the BLS said. Prices for nonfuel imports rose 2.3 percent over the past year.
The prices for U.S. exports were unchanged in November, after a 1 percent increase the previous month. Given November's flat reading, U.S. export prices rose by just 0.8 percent over the past year.
Market Consensus Before Announcement
The consensus looks for import prices down 0.3 percent on the month and up 1.0 percent on the year. For exports, the call is minus 0.1 percent on the month.
Definition
Import price indexes are compiled for the prices of goods that are bought in the United States but produced abroad and export price indexes are compiled for the prices of goods sold abroad but produced domestically. These prices, which exclude tariffs and taxes, measure underlying inflationary trends in internationally traded products.
Description
Changes in import and export prices are a valuable gauge of inflation here and abroad. Furthermore, the data can directly impact the financial markets such as bonds and the dollar. The bond market is especially sensitive to the risk of importing inflation because it erodes the value of the principal (the original investment) which is paid back when the bond matures. It also decreases the value of the steady stream of interest rate payments on this type of security. Inflation leads to higher interest rates and that's bad news for stocks, as well. By monitoring inflation gauges such as import prices, investors can keep an eye on this menace to their portfolios.
