Import Prices are the change in the price of imported goods and services purchased in the US, and are reported with the monthly release of the Import Prices Index by the US Department of Labor. The report provides information on Import Prices by countries and categories. Some of the categories reported are nonfuel industrial supplies and materials, finished goods, foods, feeds and beverages and transportation services. The main countries reported include major trade partners, Japan, China and the European Union. Import Prices are important in the measure of inflation, and a depreciation of the US Dollar has a negative effect, because it makes them more expensive as more US Dollars are needed for the same amount of imports.
The United States Import Prices
The United States Import Prices fell 0.3% in the May of 2017. The reading was worse than the forecast reading of -0.1% but also lower than the previous reading of 0.2%. This drop of 0.3% in May was the largest drop since February of 2016. The United Sates Import Prices Index for May was 122.4 Index Points, lower than the previous reading of 123.4 Index Points in April of 2017. On a yearly basis the price index for U.S. imports rose 2.1 percent for the 12 months ended in May. The long-term average for the United States Import Prices Index and the period of years 1982-2017 is 107.74 Index Points. The Index historically had an all-time high reading of 147.50 Index Points in July of 2008. The all-time low price for the Index was 75 Index Points in March of 1986.
