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