WASHINGTON — Import prices were down 1.0% in December, above the 1.3% decline expected and following a 1.9% decline in November, according to data released by the Bureau of Labor Statistics Wednesday.
The data suggest import inflation growth is softening after a decline last month and a rise in October. The data set is likely to get more attention when the full effect of the tariffs can be found in both the import and export price measures.
Overall fuel prices were down 9.2% in the month, with petroleum prices down 11.6%, but natural gas prices up 30.3%.
Import prices were up 0.3% excluding petroleum and flat excluding all fuels. There were gains in foods, feeds, and beverages, and in consumer goods ex autos. Industrial supplies and materials and capital goods prices both posted declines.
Overall import prices were down 0.6% year/year in December after a 0.7% year/year gain the previous month. Prices excluding fuels were up 0.5% year/year and prices excluding petroleum were up 1.0% year/year.
By region, prices for imports from most industrialized countries were generally down. Import prices from Canada fell 1.5%, due to a 3.0% decrease in non-manufacturing goods that was accompanied by a 1.2% decline in manufacturing goods.
There were generally negative readings in import prices from most other trading partners. Prices from China were flat, and prices from the EU fell 0.1% in the month, while prices from Mexico fell 0.5%.
Total export prices were down 0.6% in December despite a 3.9% increase in agricultural export prices. Export prices excluding agriculture posted a 1.1% decline. Export prices were up 1.1% from a year earlier, but down from the 1.8% year/year gain in November. Export prices excluding agriculture were up 1.0% year/year, while agricultural prices were up 2.5% year/year.
