U.S. Import Prices Drop More Than Expected Amid Plunge In Fuel Prices
September 13 2019 - 6:00AM
RTTF2
With fuel prices pulling back sharply, the Labor Department
released a report on Friday showing a slightly bigger than expected
decrease in U.S. import prices in the month of August.
The report showed import prices fell by 0.5 percent in August
after inching up by a downwardly revised 0.1 percent in July.
Economists had expected import prices to drop by 0.4 percent
compared to the 0.2 percent uptick originally reported for the
previous month.
The decrease in import prices came as prices for fuel imports
plunged by 4.3 percent in August after climbing by 0.7 percent in
July. Lower petroleum prices more than offset higher prices for
natural gas.
Meanwhile, the report said prices for non-fuel imports came in
unchanged for the second month in a row, as lower prices for foods,
feeds, and beverages and non-fuel industrial supplies and materials
were offset by price increases for automotive vehicles and consumer
goods.
The Labor Department also said export prices slid by 0.6 percent
in August after rising by 0.2 percent in the previous month. Export
prices had been expected to dip by 0.2 percent.
Prices for agricultural exports tumbled by 2.5 percent in August
after edging up by 0.2 percent in July, reflecting lower prices for
vegetables, corn, soybeans, cotton, meat, and wheat.
The report said prices for non-agricultural exports also fell by
0.4 percent in August after rising by 0.2 percent in July, driven
by declines in prices for non-agricultural industrial supplies and
materials and automotive vehicles.
Compared to the same month a year ago, import prices in August
were down by 2.0 percent, as fuel import prices plummeted by 8.7
percent and non-fuel import prices slid by 1.0 percent.
Export prices were also down by 1.4 percent year-over-year, as a
1.6 percent slump in prices for non-agricultural exports more than
offset a 0.5 percent increase in prices for agricultural
exports.
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Mar 2024 to Apr 2024
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Apr 2023 to Apr 2024