- Import prices prior month: +0.1%
- Export price prior month: was 0.7% revised to us 0.5%
- Import prices MoM -0.3% % vs -0.2% estimate
- Export prices MoM -0.7% vs -0.1% estimate
- Import prices YoY 0.8% vs 1.6% last month
- Export prices YoY -0.7% vs 1.4% last month
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Details:
Overall Imports
- U.S. import prices fell by 0.3% in August, the largest monthly decline since December 2023 (-0.7%).
- Despite the August decrease, import prices rose 0.8% over the past year.
- The last 12-month decline in import prices was recorded in February 2024.
Fuel Imports
- Import fuel prices decreased by 3.0% in August, following a 1.1% increase in July.
- August’s 3.0% decline was the largest since December 2023 (-8.0%).
- The decline was driven by lower prices for petroleum and natural gas.
- Import fuel prices fell 4.6% over the year, marking the first 12-month decline since February 2024.
- Petroleum prices decreased by 3.2% in August and 3.2% over the past year, the largest 12-month drop since January 2024.
- Import natural gas prices fell 3.7% in August, following a 2.0% rise in July, and dropped 51.7% over the past year, the largest 12-month decline since January 2024.
Imports Excluding Fuel
- Prices for nonfuel imports edged down 0.1% in August, after rising 0.1% in July and 0.2% in June.
- Declines in nonfuel industrial supplies and materials, consumer goods, and foods, feeds, and beverages offset higher capital goods prices.
- Nonfuel import prices increased by 1.3% over the past 12 months, with the last annual decline in February 2024.
Overall Exports
- U.S. export prices fell 0.7% in August after a 0.5% increase in July.
- The decline was driven by lower prices for both nonagricultural and agricultural exports.
- Export prices decreased 0.7% over the past year, marking the first annual drop since April 2024.
Agricultural Exports
- Agricultural export prices declined 2.0% in August, the second consecutive month of a 2.0% drop.
- The declines in August and July were the largest since a 2.3% decrease in May 2023.
- A 9.8% drop in soybean prices led the August decline, along with lower prices for corn, wheat, and fruit.
- Higher nut prices partially offset the declines.
- Agricultural export prices fell 6.9% over the past year.
Exports Excluding Agriculture (Nonagricultural Exports)
- Nonagricultural export prices decreased 0.6% in August, following a 0.8% increase in July.
- The decrease was due to lower prices for nonagricultural industrial supplies, materials, and capital goods, offsetting higher prices for consumer goods, automotive vehicles, and nonagricultural foods.
- Nonagricultural export prices fell 0.1% over the past year, the first annual decrease since March 2024.
Nonagricultural Industrial Supplies and Materials
- Prices for nonagricultural industrial supplies and materials declined 1.1% in August after a 1.9% rise in July.
- The August decrease was mainly due to a 2.9% drop in export fuel prices.
- Prices for these goods fell 1.6% over the past year, the largest 12-month decline since March 2024.
Finished Goods
- Prices for finished goods exports were mixed in August.
- Capital goods prices fell 0.2%, the first decline since November 2023, led by a 3.0% drop in semiconductor prices.
- Consumer goods prices rose 0.1% in August after declining 0.1% in July and 0.3% in June.
- Automotive vehicle prices increased 0.1% in August, following a 0.3% rise in July, driven by higher prices for trucks, buses, and special-purpose vehicles.
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This article was written by Greg Michalowski at www.forexlive.com.
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