WASHINGTON, September 15 (Hfrance.fr) - The prices of US imports fell for the first time in 10 months in August amid falling petroleum product costs, further evidence that inflation had likely peaked.
The pricesImports fell 0.3% last month after increasing 0.4% in July, the Labor Department said on Wednesday. The first drop since October 2020 brought the year-on-year increase down to 9.0% from 10.3% in July. The economists interviewed by Hfrance.fr had forecast a 0.3% increase in import prices, excluding customs duties.
The report makes following Tuesday's announcement that consumer prices recorded their smallest gain in seven months in August. Federal Reserve Chairman Jerome Powell has firmly maintained that high inflation is transient. learn more
Price hikes focused on used cars and trucks, as well as services in industries most affected by the COVID-19 pandemic, are slowing . But theTense supply chains are likely to keep inflation high for some time.
Imported fuel prices have fallen by 2.3 % last month after increasing 3.0% in July. Oil prices fell 2.4%, while the cost of imported food rose 0.6%.
Excluding fuel and food, import prices fell 0.2%. These so-called "core" import prices gained 0.1% in July. Prices of imported capital goods and consumer goods, excluding automobiles, increased slightly.
Prices of motor vehicles , imported parts and engines rose 0.3% after increasing 0.4% in July. The cost of goods imported from China rose 0.4% after rising 0.6% in July.
The report alsoent showed that export prices rose 0.4% in August, the smallest gain since October 2020, after rising 1.1% in July. Agricultural export prices rebounded 1.1%. This follows a 1.7% drop in July. Export prices rose 16.8% year-on-year in August after jumping 17.0% in July.
There had price increases for nuts, wheat, meat, vegetables and dairy products, which offset lower prices for corn, feed, fruit and soy. The prices of agricultural exports have increased by 33.4% over the past year.
The prices of non-agricultural exports have increased by 0, 2% after accelerating by 1.4% the previous month. Prices for industrial supplies and materials, capital goods, motor vehicles, and non-farm food have increased, which has increased.nse the low prices of consumer goods. Non-agricultural export prices increased 14.9% from a year ago. Report by Lucia Mutikani; Edited by Andrea Ricci
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