Keeping you up to date on the latest data releases.
Import prices jumped up at an annualized rate of 6.9 percent in August, following a slight 1.0 percent gain in July. The spike was, in large part, due to a 28 percent climb in petroleum import prices. Nonpetroleum imports rose 2.2 percent during the month, reversing a 2.1 percent decline in July. Over the past 12 months, nonpetroleum import prices have risen 3.1 percent, edging off of recent highs as the series has been falling at an annualized pace of 1.8 percent over the past three months.
Export prices jumped up 10.3 percent (annualized rate) in August, roughly netting out declines of 2.0 percent and 8.4 percent in July and June, respectively. On a year-over-year basis, export prices are up 4.1 percent. Volatile agricultural prices spiked during the month, rising 63.5 percent and causing much of the headline increase in export prices. Still, nonagricultural export prices rose 6.2 percent in August, following two consecutive decreases.