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BLS:US Import Index Jumps More-than-Expected 1%% in January
2/16 7:45 AM
BLS:US Import Index Jumps More-than-Expected 1% in January CRANBURY, N.J. (DTN) -- U.S. import prices increased 1.0% in January, the U.S. Bureau of Labor Statistics reported this morning, following 0.2% hike in December, and well above expectations for a 0.6% increase. "The 1.0-percent advances were the largest 1-month rises since the index increased 1.2 percent in May 2016," said BLS. "Higher prices for both nonfuel imports and fuel imports contributed to the January advance." Fuel import prices increased 4.7% in January following a 2.9% advance in December and 9.8% surge in November. "Higher prices for petroleum and natural gas contributed to the increases in all 3 months," said BLS. Import petroleum prices advanced 4.3% in January, 2.3% in December and 9.5% November. "The price index for natural gas increased 20.7 percent in January following advances of 20.0 percent in December and 25.7 percent in November," said BLS. For the year ended January, fuel import prices advanced 19.7%, with petroleum prices up 20.9% for the year and natural gas prices climbed 16.2%. Import prices advanced 3.6% between January 2017 and last month, U.S. export prices rose 0.8% in January following a 0.1% gain in December, with the January gain above market consensus for a 0.3% increase. "The index has not risen by more than 0.8 percent since the index advanced 1.1 percent in May 2016," said BLS. The export index increased 3.4% over the 12 months ended January. (c) 2018 DTN. All rights reserved.