US import, export prices fall in August

ISTANBUL

US import and export prices declined in August, according to data released Friday by the Labor Department’s Bureau of Labor Statistics.

Prices for US imports decreased 0.3% last month, marking the largest monthly drop since December 2023.

The market expectation for the figure was to show a 0.2% decline, after posting a monthly increase of 0.1% in July.

“Import fuel prices decreased 3.0 percent in August, after increasing 1.1 percent the previous month,” the agency said in a statement. “Lower prices for petroleum and natural gas in August each contributed to the drop in import fuel prices.”

On an annual basis, however, import prices in August increased 0.8% from the same month last year.

Export prices, meanwhile, decreased 0.7% in August.

The market expectations for the figure was to show a 0.1% decline, following a gain of 0.5% in July.

“Lower prices for nonagricultural and agricultural exports each contributed to the decrease in U.S. export prices in August,” said the statement.

Annually, prices for US exports were also down 0.7% in August, compared to the same month of last year, marking the first 12-month advance since April this year.

• Export prices
• Fuel
• import prices
• US