U.S. Import and Export Price Indexes

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                              U.S. IMPORT AND EXPORT PRICE INDEXES - OCTOBER 2016                               

U.S. import prices advanced 0.5 percent in October, the U.S. Bureau of Labor Statistics reported today, after 
a 0.2-percent increase in September. The October increase was driven by higher fuel prices which more than 
offset declining nonfuel prices. The price index for U.S. exports increased 0.2 percent in October following 
a 0.3-percent advance the previous month.  

Imports

All Imports: Prices for U.S. imports rose for the second consecutive month, advancing 0.5 percent in 
October following a 0.2-percent advance the previous month. Import prices fell 0.2 percent in August, the 
only monthly decline since February. Despite trending up over most of 2016, import prices edged down 0.2 
percent for the year ended in October.                          

Fuel Imports: The price index for import fuel rose 7.2 percent in October, after a 1.5-percent advance in 
September and monthly declines in August and July. Both petroleum and natural gas contributed to the 
overall October rise in fuel prices, increasing 7.5 percent and 6.5 percent, respectively. Import fuel prices 
rose 3.8 percent over the past year, the first 12-month advance for the index since a 2.9-percent increase in 
July 2014. The October 12-month increase was led by a 4.5-percent rise in petroleum prices which more 
than offset a 2.8-percent drop in natural gas prices.                  

All Imports Excluding Fuel: In contrast, nonfuel prices fell 0.1 percent for the second consecutive month 
in October. The decline was driven by falling prices for nonfuel industrial supplies and materials; capital 
goods; and foods, feeds, and beverages which more than offset rising prices for automotive vehicles and 
consumer goods. The price index for nonfuel imports fell for the year ended in October, decreasing 0.4 
percent. Prices over the past 12 months declined across all categories except two; foods, feeds, and 
beverages rose 4.0 percent and automotive vehicles recorded no change.                 
  
Table A. Percent change in Import and Export Price Indexes, selected categories

Month IMPORTS EXPORTS
All
imports
Fuel
imports
Nonfuel
imports
All
exports
Agri-
cultural
exports
Non-
agricultural
exports

2015

October

-0.3 -0.4 -0.3 -0.2 0.1 -0.3

November

-0.6 -4.0 -0.3 -0.7 -0.9 -0.7

December

-1.2 -10.0 -0.3 -1.1 -0.9 -1.1

2016

January

-1.3 -15.6 -0.1 -0.9 -1.3 -0.9

February

-0.5 -6.8 -0.1 -0.4 0.7 -0.6

March

0.4 8.5 -0.1 -0.1 -2.1 0.2

April

0.7 9.8 0.1 0.5 0.8 0.4

May

1.2 12.7 0.3 1.1 3.0 1.0

June

0.7 10.5 -0.2 0.8 2.5 0.5

July

0.1 -2.1 0.3 0.2 -0.3 0.3

August

-0.2 (r)-3.4 (r)0.1 -0.8 -3.5 (r)-0.5

September

(r)0.2 (r)1.5 (r)-0.1 0.3 (r)-1.1 0.4

October

0.5 7.2 -0.1 0.2 0.4 0.2

Oct. 2014 to 2015

-10.7 -47.4 -3.2 -6.7 -11.8 -6.1

Oct. 2015 to 2016

-0.2 3.8 -0.4 -1.1 -3.0 -0.8

Footnotes
(r) Revised

Exports

All Exports: U.S. export prices increased 0.2 percent in October following a 0.3-percent advance in 
September. In October, higher agricultural and nonagricultural prices both contributed to the overall 
advance. Despite the recent increases, prices for U.S. exports fell over the past year, declining 1.1 percent. 
The over-the-year drop in export prices was the smallest 12-month decrease since the index fell 0.7 percent 
in October 2014.                           

Agricultural Exports: The price index for agricultural exports increased 0.4 percent in October, after 
decreasing 4.9 percent over the previous 3 months. The upturn in October was led by increasing prices for 
fruit, nuts, and wheat, which rose 4.4 percent, 5.1 percent, and 4.0 percent, respectively. Those increases 
more than offset a 3.1-percent drop in soybean prices which fell for the third consecutive month. Overall 
agricultural prices declined 3.0 percent for the year ended in October.        

All Exports Excluding Agriculture: Nonagricultural prices increased 0.2 percent in October following a 
0.4-percent rise the previous month. In October, higher prices for nonagricultural industrial supplies and 
materials and automotive vehicles more than offset falling prices for consumer goods and capital goods. 
Prices for nonagricultural exports declined 0.8 percent between October 2015 and October 2016.

                                          SELECTED OCTOBER HIGHLIGHTS                                           

Import Prices

Imports by Locality of Origin: Import prices from China recorded no change in October and declined 1.6 
percent over the past year. Prices for imports from China have fallen or recorded no change on a monthly 
basis since December 2014 and on a 12-month basis since October 2014. The price index for imports from 
Japan continued a 4-month upward trend in October, rising 0.2 percent. Import prices from Japan rose 1.2 
percent over the past 12 months, the largest over-the-year increase since September 2012. Price indexes rose 
in October for other major trading partners. Prices for imports from Canada rose 1.4 percent, driven by 
higher fuel prices. The price index for imports from the European Union advanced 0.2 percent and import 
prices from Mexico increased 0.1 percent.                                

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials declined 
0.7 percent for the second consecutive month in October. Lower prices for unfinished metals were the 
primary contributor to the monthly decreases in both October and September.           
 
Finished Goods: Finished goods prices were mixed in October. Prices for automotive vehicles rose 0.3 
percent, matching the largest 1-month advance since the index rose 0.7 percent in April 2012. Consumer 
goods also increased, ticking up 0.1 percent. In contrast, capital goods prices fell 0.2 percent driven by a 
1.2-percent drop in computer prices.                        

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices decreased 0.6 percent in October, led by 
a 3.8-percent decline in vegetable prices and a 2.7-percent drop in meat prices.                  

Transportation Services: Import air passenger fares rose 6.3 percent in October following a 4.2-percent 
rise the previous month. Higher European, Asian, and Latin American/Caribbean fares contributed to the 
overall October increase. Import air passenger fares advanced 0.2 percent for the year ended in October. The 
price index for import air freight increased 4.0 percent in October and fell 4.2 percent over the past year. 
The October advance was the largest monthly rise since the index increased 5.0 percent in October 2015.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and 
materials increased 0.9 percent in October, after rising 1.3 percent the previous month. Both increases were 
led by higher fuel prices which increased 5.3 percent in October and 5.9 percent in September.           

Finished Goods: Export consumer goods prices fell 0.7 percent in October, the largest drop since the index 
declined 0.8 percent in January. Capital goods prices also decreased in October, edging down 0.1 percent. 
Automotive vehicle prices advanced 0.2 percent which was largely attributable to year-end model 
changeovers.                   

Transportation Services: Export air passenger fares increased 1.9 percent in October following an 11.1-
percent decline the previous month. The index for export air passenger fares fell 3.6 percent over the past 12 
months, driven by a 5.7-percent drop in Asian fares and a 3.6-percent decline in European fares. Prices for 
export air freight rose 0.7 percent in October and decreased 1.1 percent over the past year.              

Import and Export Price Index data for November 2016 are scheduled for release on Tuesday, December 13, 
2016 at 8:30 a.m. (EST).    

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Last Modified Date: November 15, 2016