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U.S. import prices rose 0.3% in August, after advancing 0.2% in July, with higher nonfuel import prices driving the increase. Over the past year, import prices stayed the same. Meanwhile, U.S. export prices stepped up 0.3% in August, with nonagricultural export prices driving the increase. Over the past year, export prices climbed 3.4%, the largest over-the-year rise since December 2022.

In August, U.S. import prices for manufacturing rose 0.2% over the year, but with significant divergences in prices across the industry. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price declines in August, falling 14.6%. On the other hand, the greatest yearly increase in U.S. import prices occurred in primary metal manufacturing, which advanced 11.3% from August 2024. Meanwhile, U.S. export prices for manufacturing in August grew 3.3% over the year, with primary metal manufacturing export prices exhibiting the largest rise (27%).

Fuel import prices decreased 0.8% over the month in August, following a 2.5% increase in July. Lower prices for petroleum and natural gas drove the decline, falling 0.2% and 13.2%, respectively. Over the past year, fuel import prices have fallen 10.1%. Import petroleum prices dropped 10.7% over the year in August, while natural gas prices surged 43.5% over that period. Nonfuel import prices rose 0.4% in August, the largest increase since April 2024. Higher prices for consumer goods, nonfuel industrial supplies, capital goods and automotives more than offset lower prices for foods, feeds and beverages. Nonfuel import prices increased 0.9% on an over-the-year basis.

After declining 0.2% in July, agriculture export prices stayed the same in August. Over the past 12 months, agriculture export prices advanced 5.1%. Meanwhile, nonagricultural export prices rose 0.3% in August. Higher prices for consumer goods, nonagricultural industrial supplies and materials, capital goods and automotives drove the increase. Over the past year, nonagricultural export prices jumped 3.2%, the largest over-the-year increase since December 2022.