US import & export prices both up 0.3% MoM in Aug: BLS

Such prices were unchanged year on year (YoY) in the month.

Import prices for fuel in the country decreased by 0.8 per cent MoM in August following an increase of 2.5 per cent MoM in July and a rise of 0.6 per cent MoM in June. Lower prices for natural gas and petroleum drove the decrease.

Prices for non-fuel imports increased by 0.4 per cent MoM in August following no change in July. The August advance was the largest monthly increase since the index rose 0.6 per cent MoM in April 2024.

Prices for the major import finished goods categories were up in August. Imported consumer goods prices increased by 0.7 per cent MoM in the month, the largest monthly advance since the index rose 1.1 per cent in January 2024. Higher prices for apparel and household goods were among the major contributors to the August advance.

Prices for US exports also increased by 0.3 per cent MoM in August after rising by 0.3 per cent MoM in the preceding month. Higher prices for non-agricultural exports drove the increase, a BLS release said.

Export prices rose by 3.4 per cent YoY in August this year, the largest YoY increase since the index rose by 4.6 per cent YoY in December 2022.

Import prices from China increased by 0.6 per cent MoM in August, the largest monthly advance since the index rose 0.7 per cent in December 2021. These decreased by 3.1 per cent YoY in the month.

Prices for imports from Japan rose by 0.1 per cent MoM in August following an increase of 0.4 per cent MoM in July and an advance of 0.1 per cent MoM in June. Such prices advanced by 1.4 per cent YoY in the month.

The price index for imports from Canada increased by 0.5 per cent MoM and from Mexico advanced by 0.3 per cent MoM in August.

Import prices from the European Union increased by 0.5 per cent MoM in the month, the largest monthly advance since the index rose by 0.5 per cent in April 2024.

ALCHEMPro News Desk (DS)