Market Overview

August Import Prices Up By 0.6%

Share:
August Import Prices Up By 0.6%

The Labor Department reported a 0.6% rise in the August prices of goods imported into the US. This represents the highest gain since April. Fuel-import prices rose 1.7% in August, along with a 2.1% rise in petroleum prices. Meanwhile, non-fuel imports prices increased 0.3%

According to the figures released by the Labor Department, a 0.1% rise in July prices of imported goods was followed by a 0.6% rise in August prices.

Over the past one year, import prices have risen by 4.1%, the least gain in 12 month since November 2009. Prices for fuel imports have jumped 9.1% over the past year, while non-fuel imports prices are up 2.9% for the same period.

Export prices rose 0.8% in August, the largest gain since April. Prices for agricultural exports rose 4.2%, the largest increase since June 2009. Meanwhile, prices for non-agricultural exports rose 0.5%. For the year, export prices are up 4.1%. In July, overall import prices rose 0.1%, while export prics fell 0.2%.

Chairman of Albany, New York-based Hugh Johnson Advisors, Hugh Johnson, said, “This weakens the case for deflation, and at the same time inflation isn't a concern.” He added, “The Fed doesn't need to be in a hurry to move.”

Read more from Benzinga's Markets.

Posted-In: August Import Prices labor departmentNews Intraday Update Markets Trading Ideas

 

Related Articles

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com