Imports
The price index for U.S. imports declined 0.2% in December, the first monthly decrease since the index fell 0.2 percent in August 2021. Despite the December drop, U.S. import prices increased 10.4% over the past year. The advance in 2021 was the largest calendar-year rise since import prices increased 10.6% in 2007. (See table 1.)
Fuel Imports: Prices for import fuel decreased 6.5% in December, the first monthly decline since August 2021 and the largest drop since a 30.9% decrease in April 2020. In December, a 6.0% fall in petroleum prices and a 13.7% decline in natural gas prices drove the drop in import fuel prices.
Despite the December decrease, import fuel prices rose 62.7% in 2021, the largest calendar-year advance since the index increased 114.7% in 1999. The price indexes for petroleum and natural gas also rose over the past year, advancing 62.0% and 86.9%, respectively.
All Imports Excluding Fuel: Nonfuel import prices increased 0.5% for the third consecutive month in December. Prices for nonfuel imports have not recorded a monthly decline since November 2020. Higher prices for nonfuel industrial supplies and materials; consumer goods; foods, feeds, and beverages; automotive vehicles; and capital goods all contributed to the rise in nonfuel import prices. The price index for nonfuel imports advanced 6.4% for the year ended in December, the largest calendar-year increase since the series started in 2002.
Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 0.5% in December following a 0.2% drop the previous month. Higher fruit prices in December led the increase.
Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials advanced 1.7% in December, after rising 1.9% in November. The December increase was driven by higher prices for selected building materials and chemicals.
Finished Goods: Prices for each of the major finished goods categories advanced in December. Consumer goods prices rose 0.5%, the largest monthly advance since February 2018. Prices for automotive vehicles increased 0.2% in December, and capital goods prices ticked up 0.1%.
Table A. Percent change in Import and Export Price Indexes, selected categories:
| Month | IMPORTS | EXPORTS | ||||
|---|---|---|---|---|---|---|
| All imports |
Fuel imports |
Nonfuel imports |
All exports |
Agri- cultural exports |
Non- agricultural exports |
|
|
2020 |
||||||
|
December |
1.0 | 7.3 | 0.4 | 1.2 | 1.0 | 1.3 |
|
2021 |
||||||
|
January |
1.5 | 9.0 | 0.9 | 2.7 | 6.0 | 2.3 |
|
February |
1.2 | 10.9 | 0.4 | 1.6 | 2.7 | 1.5 |
|
March |
1.5 | 8.0 | 0.9 | 2.5 | 2.4 | 2.5 |
|
April |
0.9 | 1.9 | 0.8 | 1.2 | 0.7 | 1.2 |
|
May |
1.3 | 5.2 | 0.9 | 2.3 | 6.1 | 1.8 |
|
June |
1.1 | 4.9 | 0.7 | 1.2 | 1.4 | 1.1 |
|
July |
0.3 | 2.9 | 0.0 | 1.1 | -1.7 | 1.3 |
|
August |
-0.2 | -2.2 | 0.0 | 0.2 | 0.9 | 0.1 |
|
September |
0.4 | 3.6 | 0.1 | 0.3 | -1.5 | 0.5 |
|
October |
1.5 | 11.1 | 0.5 | (R)1.9 | (R)1.2 | (R)2.0 |
|
November |
0.7 | (R)2.3 | 0.5 | (R)0.8 | (R)1.1 | (R)0.6 |
|
December |
-0.2 | -6.5 | 0.5 | -1.8 | 0.8 | -2.1 |
|
Dec. 2019 to 2020 |
-0.3 | -20.1 | 1.9 | 0.4 | 5.4 | -0.1 |
|
Dec. 2020 to 2021 |
10.4 | 62.7 | 6.4 | 14.7 | 21.7 | 13.8 |
