United States import prices dropped 0.6 per cent and exports prices edged down 0.1 per cent in August, the US Department of Labor reported on Friday.
The decline of import prices in August was the largest monthly drop since the index fell 1.3 per cent in January 2016. Prices for US imports advanced 3.7 per cent over the past year, reports Xinhua.
Import fuel prices decreased 3.9 per cent in August, the first decline for the index since a 2.6-per cent drop in March and the largest monthly decline since a 6.8-per cent decrease in February 2016.
Petroleum prices declined 3.9 per cent in August, after increasing in each of the previous 4 months, and natural gas prices fell 6.3 per cent following an 18.0-per cent increase in July.
Nonfuel import prices edged down 0.1 per cent in August. Despite the downward trend over the past 3 months, nonfuel import prices increased 0.9 per cent for the year ended in August. The increase was led by a 6.4-per cent rise in nonfuel industrial supplies and materials prices.
Prices for all export decreased 0.1 per cent in August, after declining 0.5 per cent in July. The price index for overall exports advanced 3.6 per cent for the year ended in August.
The price index for agricultural exports rose 0.2 per cent in August following a 5.2-per cent decline the previous month. Agricultural prices decreased 1.7 per cent for the year ended in August.
Nonagricultural export prices fell 0.2 per cent in August, after recording no change in July. Prices for nonagricultural exports increased 4.1 per cent over the past year.
