U.S. import and export prices down again for the year ended October 2014

The price index for overall imports declined 1.8 percent over the past 12 months, the largest year-over-year drop since a 1.8-percent decrease in November 2013.

Fuel prices fell 10.1 percent from October 2013 to October 2014. The price index for petroleum decreased 11.1 percent, while natural gas prices increased 25.4 percent over that period. Nonfuel import prices increased 0.3 percent over the past year. Higher prices for foods, feeds, and beverages and consumer goods more than offset falling prices for automotive vehicles, capital goods, and nonfuel industrial supplies and materials.  

Export prices also fell for the year ended in October 2014, declining 0.8 percent, the largest 12-month drop since a 1.0-percent decrease between February 2013 and February 2014. Agricultural prices fell 4.6 percent over the past 12 months, a decline driven by falling grain prices. The price index for nonagricultural exports declined 0.4 percent, driven by decreasing prices for nonagricultural industrial supplies and materials that offset higher prices for each of the major finished goods categories.

These data are from the International Price program. Import and export prices are subject to revision. To learn more, see “U.S. Import and Export Prices — October 2014” (HTML) (PDF), news release USDL-14-2065.