The Import Price Index measures the monthly change in the prices of goods and services purchased from abroad by U.S. residents. This indicator is a primary source of 'imported inflation,' as higher costs for foreign goods can lead to higher prices for domestic consumers and businesses. It is sensitive to fluctuations in global commodity prices, particularly oil, and changes in the value of the U.S. dollar. Economists use this data to gauge the impact of international trade on domestic inflation levels.
The BLS collects price data for thousands of imported products each month. The index is weighted based on the value of imports in different categories and is adjusted to exclude duties and taxes.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Mar 15, 2013 | 0.10 | 0.30 | -0.20 |
