Ekonomické zprávy
17.02.2023

U.S. import-price index continues to decline in January

The report issued by the Labor Department on Friday showed the U.S. import-price index slipped 0.2 percent m-o-m in January 2023, following a downwardly revised 0.1 percent m-o-m drop (from 0.4 percent m-o-m) in December 2022. That marked the seventh straight monthly fall in U.S. import prices. 

Economists had expected prices to decrease 0.2 percent m-o-m last month.

According to the report, the January drop reflected a 4.9 percent m-o-m plunge in import fuel prices that was offset by a 0.3 percent m-o-m rise in prices for nonfuel imports.

Over the 12-month period ended in January, import prices increased by 0.8 percent, underpinned by gains in both fuel (+0.4 percent) and nonfuel (+0.8 percent) prices. That, however, was the weakest 12-month advance since a decline in December 2020.

The report also revealed that the price index for U.S. exports jumped 0.8 percent m-o-m in January, following a downwardly revised 3.2 percent m-o-m decline (from -2.6 percent m-o-m) in the previous month. That marked the first monthly gain in U.S. export prices since June 2022. 

Economists had expected export prices to fall 0.2 percent m-o-m in January.

The January surge in the U.S. export-price index was attributable to a 0.8 percent m-o-m rise in prices for nonagricultural exports, while prices for agricultural exports a 0.2 percent m-o-m drop.

Over the past 12 months, the price index for exports soared 2.3 percent, driven by climbs in prices of both agricultural exports (+5.8 percent) and nonagricultural exports (+1.7 percent). That, however, represented the weakest 12-month increase since December 2020 (+0.4 percent). 

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