The United States Import Price Index (MoM) for January 2021 has been released and it has met the forecasts of economists. The index decreased by 0.2% in January 2021 compared to the previous month.
The United States Import Price Index (MoM) is a measure of the average change in prices paid for imported goods into the United States. This index is calculated by the Bureau of Labor Statistics and is released on a monthly basis. It is used to measure changes in the cost of imports and to provide an indication of the overall inflationary pressures in the domestic economy.
The index decreased by 0.2% in January 2021 compared to the previous month. This was in line with the expectations of economists who had forecast a 0.2% decrease in the index. The decrease in the index was mainly due to a 1.1% decline in fuel prices, which was partially offset by a 0.4% increase in non-fuel prices.
The decline in fuel prices was mainly due to a decrease in prices for petroleum and related products. The decrease in petroleum prices was mainly driven by a decrease in global demand for oil due to the ongoing COVID-19 pandemic. The decrease in fuel prices was partially offset by increases in prices for natural gas and other fuels.
The 0.4% increase in non-fuel prices was mainly driven by higher prices for industrial supplies and materials, foods, feeds, and beverages, and consumer goods. The increase in industrial supplies and materials prices was mainly due to higher prices for industrial chemicals and metals. The increase in food, feeds, and beverage prices was mainly due to higher prices for fruits and vegetables, while the increase in consumer goods prices was mainly due to higher prices for apparel and footwear.
The United States Import Price Index (MoM) is an important indicator of the overall inflationary pressures in the domestic economy. The index is used by the Federal Reserve to gauge the inflationary pressures in the economy and help inform their monetary policy decisions.
Overall, the United States Import Price Index (MoM) for January 2021 met the expectations of economists and decreased by 0.2% compared to the previous month. The decrease was mainly driven by a 1.1% decline in fuel prices, which was partially offset by a 0.4% increase in non-fuel prices. The index is an important indicator of the overall inflationary pressures in the domestic economy and is used by the Federal Reserve to help inform their monetary policy decisions.