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Thursday, February 21, 2019 2:18:31 AM EST

Export Prices ex-ag. Updated 15-Feb-19 09:22AM ET

Import prices fell 0.5% in January and are down 1.7% over the last 12 months. Excluding fuel, they are down 0.2% over the last 12 months.

Export prices declined 0.6% in January and are down 0.2% over the last 12 months. Excluding agricultural products, export prices are also down 0.2% year-over-year.

[Note: The BLS indicated the partial government shutdown impacted the collection of export price data, as prices for soybeans, corn, wheat, sorghum, and barley had to be estimated.]

Import fuel prices decreased 3.2% driven primarily by a 44.2% drop in natural gas prices. Import fuel prices are down 22.5% over the past three month, which is the largest three-month drop since February 2016.

Agricultural export prices declined 2.1%, paced by a 34.6% decline in vegetable prices.

The key takeaway is that the Import-Export Price Indexes for January tracked in a way that should keep the Federal Reserve tracking on its patient-minded path.
Imports, ex-petrol-0.2%0.0%-0.3%0.1%0.0%
Imports, Petrol-3.2%-8.6%-12.3%3.3%0.0%
Exports, ex-agricultural-0.3%-1.1%-1.0%0.5%0.2%