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- U.S. import-price index drops more than expected in August
U.S. import-price index drops more than expected in August
The Labor
Department reported on Friday the import-price index, measuring the cost of
goods ranging from Canadian oil to Chinese electronics, fell 0.5 percent m-o-m
in August, following a revised 0.1 percent m-o-m gain in July (originally a 0.2
percent m-o-m advance). Economists had expected prices to decline 0.4 percent
m-o-m last month.
According to
the report, the August decline was driven by a drop in fuel prices (-4.3 percent
m-o-m), while prices for nonfuel goods were flat m-o-m.
Over the
12-month period ended in August, import prices dropped 2.0 percent, weighed
down by declines in both fuel (-8.7 percent) and nonfuel (-1.0 percent) prices.
Meanwhile, the
price index for U.S. exports dropped 0.6 percent m-o-m in August, following an unrevised
0.2 percent m-o-m increase in the previous month.
Lower
agricultural (-2.5 percent m-o-m) and nonagricultural (-0.4 percent m-o-m)
prices both contributed to the August fall.
Over the past
12 months, the price index for exports dropped 1.4 percent, weighed down by
lower prices for non-agricultural exports (-1.6 percent).
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