US December import prices 0.0% versus -0.5% estimate

<ul><li>Prior month import prices -0.4%. Prior month export prices -0.9%</li><li>Import prices, 0.0% versus -0.5% estimate</li><li>Import prices YoY -1.6% vs -1.4% last month</li><li>Export prices, -0.9% versus -0.6% estimate</li></ul><p>Details of import prices:</p><ul><li><p>Overall U.S. Import Prices: Unchanged in December; however, there was a 1.6% decline over the year ending in December. This marks a continuation of the trend from January 2023, where import prices haven't risen on a 12-month basis.</p></li><li><p>Fuel Imports:</p><ul><li>In December, prices decreased by 0.3%, following larger decreases in the preceding months (6.4% in November and 3.9% in October).</li><li>Over the year from December 2022 to December 2023, import fuel prices fell by 9.4%.</li><li>Specifically, import petroleum prices dropped by 0.3% in December, with a 4.0% decline over the past 12 months.</li><li>Import natural gas prices, however, increased by 0.3% in December, despite a substantial 61.9% fall over the past year.</li></ul></li><li><p>All Imports Excluding Fuel: Prices remained unchanged in December. The year ended with a 0.8% decrease in nonfuel import prices.</p></li><li><p>Foods, Feeds, and Beverages: A slight decline of 0.1% in December, primarily due to a 2.4% decrease in fish and shellfish prices.</p></li><li><p>Nonfuel Industrial Supplies and Materials: There was a 0.4% increase in December, the largest monthly rise since December 2022, mainly driven by higher metals prices.</p></li><li><p>Finished Goods:</p><ul><li>Mixed trends were observed in December.</li><li>Capital goods prices edged down by 0.1%.</li><li>Prices for import automotive vehicles slightly increased by 0.1%.</li><li>Import consumer goods prices remained unchanged.</li></ul></li></ul><p>Details of export prices:</p><ul><li><p>Overall Decrease in Export Prices: The U.S. export price index decreased by 0.9% in December, marking the third consecutive monthly decline and the smallest 12-month drop since February 2023. This follows a pattern of declines starting in June 2023, with a total 3.2% fall over the past year.</p></li><li><p>Agricultural Exports:</p><ul><li>Decreased by 0.6% in December, reversing a 0.1% increase in November.</li><li>Significant price drops in soybeans, other oilseeds, corn, meat, and nuts, despite an increase in fruit prices.</li><li>Yearly decline of 8.9%, primarily driven by lower prices for corn, soybeans, wheat, and vegetables.</li></ul></li><li><p>Nonagricultural Exports:</p><ul><li>Experienced a 0.9% decline in December, continuing the trend from the previous two months.</li><li>Year-over-year, there was a 2.4% decrease from December 2022 to December 2023.</li><li>Decrease in nonagricultural industrial supplies and materials and nonagricultural foods prices.</li></ul></li><li><p>Nonagricultural Industrial Supplies and Materials:</p><ul><li>Fell by 2.3% in December, the largest one-month drop since a 5.0% decrease in May.</li><li>This decline was largely driven by lower fuel prices.</li></ul></li><li><p>Finished Goods:</p><ul><li>Mixed trends, with most categories showing price increases in December.</li><li>Consumer goods prices rose by 0.3%, driven by higher prices for coins, gems, jewelry, and collectables.</li><li>Automotive vehicle prices increased by 0.2%, led by a 0.6% rise in passenger car prices.</li><li>Prices for export capital goods remained unchanged after a slight decrease in November.</li></ul></li></ul>

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