Jan prices for US imports, exports each rise 0.8% after 0.7% Dec fall

It was the first one-month increase since September 2023 and the largest monthly advance since the index rose by 2.9 per cent in March 2022.

Higher prices for both non-fuel and fuel imports contributed to the overall increase. Prices for non-fuel imports rose by 0.7 per cent in January, after being unchanged in December.

Despite the January increase, US import prices fell by 1.3 per cent over the past year and have not risen on a 12-month basis since January 2023, a BLS release said.

Consumer goods prices rose by 1.1 per cent in January, the largest monthly increase since the one-month per cent change series was first published in January 1989.

The price index for non-agricultural exports rose by 0.9 per cent in January, the first monthly advance since September last year.

Prices for imports from China dropped by 0.3 per cent in January, the largest one-month decline since July 2023. The price index for imports from China last increased on a monthly basis in October 2022. Import prices from China fell 2.9 per cent from January 2023 to January 2024.

In contrast, prices for imports from Japan rose by 1.1 per cent in January, after edging down by 0.1 per cent in December. The January increase was the largest monthly advance for the index since a 1.2-per cent rise in November 1998. Import prices from Japan increased 1.4 per cent over the past year.

The price index for imports from Canada declined by 0.2 per cent in January following decreases of 3.7 per cent in December and 3.3 per cent in November. Prices for imports from Canada fell by 9 per cent for the year ended January.

Import prices from the European Union advanced 1 per cent in January and prices for imports from Mexico rose 1.3 per cent over the same period.

Export prices to China fell 0.9 per cent in January, the largest one-month drop since a 1.7-per cent decline in June 2023. The price index for exports to China decreased by 3.4 per cent over the past 12 months.

Prices for exports to Japan fell by 0.7 per cent in January following a 0.1-per cent advance the previous month. Export prices to Japan declined by 7.9 per cent over the past year.

The price index for exports to Canada decreased by 0.5 per cent in January, the largest monthly drop since May 2023. Prices for exports to Canada fell by 0.9 per cent for the year ended January.

In contrast, export prices to the European Union increased by 1.8 per cent in January and prices for exports to Mexico advanced by 0.7 per cent over the same period.

ALCHEMPro News Desk (DS)