Tags: import prices | economy | inflation | export

Import Prices Post Largest Decline in Nine Months

Friday, 12 Sep 2014 08:39 AM

U.S. import prices recorded their biggest drop in nine months in August as a sharp decline in the cost of petroleum products eclipsed rising food prices, keeping imported inflation pressures subdued.

The Labor Department said on Friday import prices fell 0.9 percent last month after slipping 0.3 percent in July.

Economists polled by Reuters had forecast import prices declining 0.9 percent in August. In the 12 months through August, prices dropped 0.4 percent.

Sluggish global demand and a relatively strong dollar are dampening imported inflation.

That and sluggish wage growth have translated into fairly benign domestic price pressures, which should buy the U.S. Federal Reserve a bit more time to maintain its very accommodative monetary policy stance.

Imported petroleum prices declined 4.4 percent in August, the biggest drop since last November, after falling 1.7 percent the prior month. Imported food prices gained 0.6 percent after rising 1.1 percent in July.

Import prices excluding petroleum slipped 0.1 percent in August. They were flat in July.

The Labor Department report also showed export prices fell 0.5 percent in August after edging up 0.1 percent in July. In the 12 months through August, export prices rose 0.4 percent.

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Economy
U.S. import prices recorded their biggest drop in nine months in August as a sharp decline in the cost of petroleum products eclipsed rising food prices, keeping imported inflation pressures subdued.The Labor Department said on Friday import prices fell 0.9 percent last...
import prices, economy, inflation, export
195
2014-39-12
Friday, 12 Sep 2014 08:39 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved