US import prices fall by 3% YoY in Aug; export prices drop by 5.5% YoY

Prices for US exports increased by 1.3 per cent in the month following a 0.5-per cent rise in July. The August rise was the largest single-month advance since the index increased by 2.7 per cent in May last year. Export prices, however, declined by 5.5 per cent YoY in the month.

Imported fuel prices rose by 6.7 per cent in August following a 2.2-per cent advance in July. The August increase was the largest single-month advance since March 2022. Higher prices for import petroleum and for natural gas in August contributed to the overall increase in fuel prices, BLS said in a release.

In spite of the recent rises, prices for import fuel declined by 19 per cent over the past 12 months.

Prices for non-fuel imports edged down by 0.1 per cent for the second consecutive month in August. Such import prices have not recorded a monthly increase since February this year.

The price index for non-agricultural exports rose by 1.7 per cent in August, after advancing by 0.6 per cent the previous month. The August increase was the largest monthly advance since the index rose by 2.7 per cent in May last year.

Prices for the major finished goods in both export and import categories were mixed in August.

ALCHEMPro News Desk (DS)