U.S. export prices unexpectedly rose 0.8% month-over-month in January, defying market expectations of a 0.1% decrease. This rebound follows three consecutive months of declines. Nonagricultural export prices increased by 0.9%, marking the first monthly advance since September 2023, driven by higher prices for industrial supplies and materials, capital goods, automotive vehicles and nonagricultural foods. Conversely, agricultural export prices fell 1%, primarily due to lower prices for soybeans, animal feeds, corn, vegetables and fruit. On an annual basis, export prices declined 2.4%.
U.S. import prices in January also rose 0.8% from the previous month, marking the end of a three-month string of declines and the largest monthly rise since March 2022. Import fuel prices saw a notable 1.2% uptick, rebounding from sharp declines the previous months, with petroleum costs rising by 2.7% despite a significant drop of 24.5% in natural gas prices. Additionally, nonfuel import prices rose by 0.7%, the largest monthly increase in nearly two years, driven by elevated costs for consumer goods, capital goods, automotive vehicles, and foods, feeds, and beverages. Import prices recorded a 1.3% decline on annual basis in January.
