U.S. Import Prices Tumble 1.1% In January Amid Another Drop In Fuel Costs
February 12 2016 - 4:26AM
RTTF2
Reflecting another steep drop in fuel prices, the Labor
Department released a report on Friday showing a notable decrease
in U.S. import prices in the month of January.
The report said import prices tumbled by 1.1 percent in January,
matching the revised decreased reported for December. Economists
had expected import prices to slump by 1.5 percent.
Prices for fuel imports showed a substantial decrease,
plummeting by 12.4 percent in January after slumping by 8.7 percent
in December. The drop was led by a 13.4 percent decline in
petroleum prices.
Excluding fuel prices, import prices edged down by 0.2 percent
in January after dipping by 0.3 percent for six consecutive
months.
Lower prices for non-fuel industrial supplies and materials as
well as capital goods were partly offset by higher prices for
foods, feeds, and beverages, automotive vehicles, and consumer
goods.
The Labor Department also said export prices slid by 0.8 percent
in January after declining by 1.1 percent in the previous month.
Export prices had been expected to drop by 0.6 percent.
Prices for agricultural exports fell by 1.1 percent in January
following a 1.0 percent drop in December with nut prices once again
leading the way lower.
The report said prices for non-agricultural exports also
decreased by 0.8 percent in January after tumbling by 1.1 percent
in December. The drop was driven by lower non-agricultural
industrial supplies and materials prices.
Compared to the same month a year ago, import prices were down
by 6.2 percent in January, and export prices were down by 5.7
percent.
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Mar 2024 to Apr 2024
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Apr 2023 to Apr 2024