US import, export prices rise in January, more than estimates

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices rose in January on a monthly basis, coming in higher than market expectations, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports increased 0.8% last month.

The estimate for the figure was to remain unchanged, following a 0.7% decline in December.

"Import fuel prices increased 1.2 percent in January following declines of 7.7 percent in December, 6.3 percent in November, and 3.9 percent in October," the agency said in a statement.

"Prices for import petroleum rose 2.3 percent in January, after decreasing 18.5 percent in the final quarter of 2023," it added.

On an annual basis, however, US import prices in January decreased 1.3%.

Export prices, meanwhile, also increased 0.8% in January, compared to the previous month.

The market expectation for the figure was to show a 0.1% decline, after falling 0.7% in December.

"The January advance was the first monthly rise since September 2023," said the statement. "The price index for export capital goods rose 0.9 percent, the largest monthly advance since January 2022."

Annually, however, prices for US exports plummeted 2.4% in January, compared to the same month of last year.