News

U.S. import prices declined 0.3% in August, following a slight 0.1% increase in July and June. This is the first time since April that import prices have seen a change greater than 0.1%. Over the past year, import prices have climbed 0.8%, the smallest annual increase since March. U.S. export prices fell 0.7% in August, completely erasing the 0.5% gain in July. Both agricultural and nonagricultural export prices contributed to the decrease. Over the past year, export prices dropped 0.7%, the first year-over-year drop since April.

Fuel import prices decreased 3.0% in August, after increasing 1.1% in July. Over the past year, fuel import prices have fallen 4.6%, the first 12-month decline since February. While petroleum prices declined 3.2% over the year in August, natural gas prices fell a dramatic 51.7%.

Nonfuel import prices also decreased 0.1% in August, after increasing 0.1% in July. Although capital goods prices rose 0.1% in August, the increase was more than offset by lower prices for nonfuel industrial supplies and materials; consumer goods; and foods, feeds and beverages.

Driven by a 9.8% drop in soybeans prices, agricultural export prices fell 2.0% in August, while higher nuts prices partially offset those declines. Over the past 12 months, agricultural export prices dropped 6.9%.

Nonagricultural export prices decreased 0.6% in August, following a 0.8% increase in July. Although prices rose for consumer goods, automotive vehicles and nonagricultural foods, the increase was more than offset by declines for nonagricultural industrial supplies and materials and for capital goods. Over the past year, nonagricultural export prices fell 0.1%, the first annual decrease since March.

Prices for nonagricultural industrial supplies and materials declined 1.1% in August, led by a 2.9% drop in export fuel prices. Finished goods export prices were mixed in August, with capital goods prices falling, led by semiconductors, while consumer goods and automotive vehicle export prices increased.