Import prices declined 3.7% month-over-month in August but posted a 16.0% annual gain, according to data released from the U.S. Bureau of Labor Statistics (BLS) on Thursday.
The report also showed a 0.3% month-over-month drop in import prices excluding petroleum products.
The result in headline import prices was below the consensus for a 1.8% month-over-month decline and less than the previous month's downwardly revised 0.2% gain. Annual import prices were also below consensus for a 20.2% increase, and the previous month's downwardly revised 20.1% increase in July.
Export prices fell 1.7% in August following a 1.5% increase in July. Prices for exports advanced 8.2% over the August 2007-August 2008 period, the BLS reported.
By Steve Stecyk and edited by Nancy Girgis
©CEP News Ltd. 2008