- Prior month import prices -0.4%. Prior month export prices -0.9%
- Import prices, 0.0% versus -0.5% estimate
- Import prices YoY -1.6% vs -1.4% last month
- Export prices, -0.9% versus -0.6% estimate
Details of import prices:
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.
Fuel Imports:
- In December, prices decreased by 0.3%, following larger decreases in the preceding months (6.4% in November and 3.9% in October).
- Over the year from December 2022 to December 2023, import fuel prices fell by 9.4%.
- Specifically, import petroleum prices dropped by 0.3% in December, with a 4.0% decline over the past 12 months.
- Import natural gas prices, however, increased by 0.3% in December, despite a substantial 61.9% fall over the past year.
All Imports Excluding Fuel: Prices remained unchanged in December. The year ended with a 0.8% decrease in nonfuel import prices.
Foods, Feeds, and Beverages: A slight decline of 0.1% in December, primarily due to a 2.4% decrease in fish and shellfish prices.
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.
Finished Goods:
- Mixed trends were observed in December.
- Capital goods prices edged down by 0.1%.
- Prices for import automotive vehicles slightly increased by 0.1%.
- Import consumer goods prices remained unchanged.
Details of export prices:
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.
Agricultural Exports:
- Decreased by 0.6% in December, reversing a 0.1% increase in November.
- Significant price drops in soybeans, other oilseeds, corn, meat, and nuts, despite an increase in fruit prices.
- Yearly decline of 8.9%, primarily driven by lower prices for corn, soybeans, wheat, and vegetables.
Nonagricultural Exports:
- Experienced a 0.9% decline in December, continuing the trend from the previous two months.
- Year-over-year, there was a 2.4% decrease from December 2022 to December 2023.
- Decrease in nonagricultural industrial supplies and materials and nonagricultural foods prices.
Nonagricultural Industrial Supplies and Materials:
- Fell by 2.3% in December, the largest one-month drop since a 5.0% decrease in May.
- This decline was largely driven by lower fuel prices.
Finished Goods:
- Mixed trends, with most categories showing price increases in December.
- Consumer goods prices rose by 0.3%, driven by higher prices for coins, gems, jewelry, and collectables.
- Automotive vehicle prices increased by 0.2%, led by a 0.6% rise in passenger car prices.
- Prices for export capital goods remained unchanged after a slight decrease in November.
