Keeping you up to date on the latest data releases.
U.S. import prices fell by 0.4 percent in August, down from July’s 0.3 percent increase. August marks the second time in the past three months the price index for imports fell. On a year-over-year basis, import prices rose 13 percent compared to July’s 13.8 percent yearly gains. The main driver behind August’s decline was a 2.1 percent drop in petroleum prices. Even though petroleum prices declined in three of the past four months, they continue to rise on a yearly basis posting a 43.5 percent advance. Non-oil import prices increased for the second consecutive month, rising 0.3 percent in August. Drivers of August’s non-oil import price gains include increases in nonfuel industrial supplies and materials (up 0.9 percent), consumer goods (up 0.3 percent) and capital goods (up 0.1 percent). Offsetting the increases were decreases in imported food and beverages (down, 0.8 percent) and unchanged automotive vehicles prices. Compared to a year ago, non-oil import prices advanced 5.5 percent.
U.S. export prices edged up 0.5 percent in August after falling 0.4 percent in July. Gains stemmed from agricultural export prices which increased 2.2 percent after falling 3.9 percent in July. Non-agricultural export prices rose as well by a modest 0.3 percent with increases in industrial supplies and materials (0.6 percent) as a main driver. Year-over-year, export prices posted gains of 9.6 percent.