Summary
Earlier this morning, the Labor Department reported that import prices rose a sharp 1.3% during August. The increase was led by a 7.1% rise in petroleum prices.
_____
According to this morning's release from the Labor Department, import prices registered a 1.3% increase during August, which compares with a 0.8% rise during July. (July's change was the same as in the original release.) The August increase was the largest since the 2.2% reported in March of this year.
As of August 2005, the year-over-year increase in import prices was 7.6%, versus a 7.1% 12-month gain as of August 2004.
Based on today's numbers, the price of petroleum imports surged 7.1% in August, which followed respective gains of 8.6% and 6.1% in June and July.
As of August 2005, petroleum import prices were 42.5% above their year earlier level. This compared with a year-over-year rise of 39.9% as of August 2004.
August import prices excluding the petroleum component were flat, versus a 0.2% decline in July (reported originally as the same minus 0.2%). The August year-over-year change in this sector was +1.8%. As of August 2004, import prices, excluding petroleum, were up 3.1% from a year earlier.
-----------------------------------------------------
U.S. IMPORT PRICES - % CHANGE
(3-Mo.= Three-month Compound Annual Rate)
-----------------------------------------------------
All Imports, Petroleum
All Imports Excl. Petrol. Imports Only
Month/ -------------- --------------- ---------------
Year Mo. 3-Mo. Y/Y Mo. 3-Mo. Y/Y Mo. 3-Mo. Y/Y
-----------------------------------------------------
08/05 1.3 14.0 7.6 0.0 -1.6 1.8 7.1 131.8 42.5
07/05 0.8 4.9 7.8 -0.2 -2.3 2.1 6.1 47.2 44.8
06/05 1.2 5.3 7.4 -0.2 0.0 2.3 8.6 34.1 39.6
05/05 -0.8 9.4 5.9 -0.2 2.0 2.6 -4.4 59.2 27.1
04/05 0.9 17.1 8.4 0.4 3.2 3.0 3.6 132.7 45.5
03/05 2.2 15.4 7.6 0.3 2.8 2.9 13.4 120.6 40.1
02/05 0.9 0.0 6.1 0.1 3.2 2.8 5.1 -17.9 29.8
01/05 0.6 -4.5 5.7 0.3 6.6 3.1 2.2 -47.4 24.2
=====================================================
08/04 1.5 6.8 7.1 0.3 1.6 3.1 8.8 46.7 39.9
-----------------------------------------------------
The sharp monthly increases in the price of imported crude oil during July and August could be a negative portent for the import component of trade data for these months. July and August trade data are scheduled for release on 9/13 and 10/13, respectively.
_____
| 