2/14/2012 9:17 AM ET
(RTTNews) - Prices for both imported and exported goods in the U.S. increased in January, reversing a drop seen in December, according to a report released by the Labor Department on Tuesday.
Labor Department figures showed an overall 0.3 percent increase in import prices in January, reversing the 0.1 percent decline posted for December.
The increase was in line with the expectations of most economists, who had predicted a 0.3 percent increase in import prices.
Overall export prices also increased in January, rising by 0.2 percent, led by higher agricultural prices. The increase partly offset the 0.5 percent decline in December.
Most economists had expected export prices to rebound, but at a lower, 0.1 percent level.
Contributing to the increase in import prices was a 1 percent increase in the prices of imported fuel. The increase was driven largely by a 1.2 percent increase in petroleum prices and somewhat offset by a 5.8 percent drop in natural gas prices.
Excluding fuel prices, import prices were up just 0.1 percent in January, with food, capital goods and automotive prices rising, while industrial supplies and consumer goods prices fell.
Higher prices for agricultural goods led the increase in export prices, rising by 1.1 percent in January, somewhat offsetting the 2.4 percent decrease in December. The rebound was driven by higher prices for soybeans and corn.
Outside of the agricultural sector, U.S. export prices were unchanged, with prices of industrial supplies and consumer goods falling and prices for capital goods and automotive vehicles increasing.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com