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US input, output prices decline last month
(MENAFN) According to data released by the labor Department's Bureau of Labor Statistics on Friday, US import and export prices both experienced declines in August. Import prices fell by 0.3 percent last month, marking the largest monthly decrease since December 2023. This decline was more pronounced than the market expectation of a 0.2 percent decrease and followed a modest increase of 0.1 percent in July.
The drop in import prices was largely driven by a significant 3.0 percent reduction in fuel prices, which reversed the 1.1 percent increase observed in the previous month. The lower costs for petroleum and natural gas were key contributors to this decrease in import fuel prices. On a year-over-year basis, however, import prices were up by 0.8 percent compared to August of the previous year.
Export prices also saw a decrease in August, falling by 0.7 percent. This decline was sharper than the anticipated 0.1 percent drop and followed a 0.5 percent increase in July. The decrease in export prices was attributed to lower prices for both nonagricultural and agricultural exports. On an annual basis, export prices were down 0.7 percent from August of the previous year, marking the first 12-month decline since April of this year.
These price movements reflect broader trends in international trade and economic conditions, with significant reductions in both import and export prices indicating shifts in global market dynamics.
The drop in import prices was largely driven by a significant 3.0 percent reduction in fuel prices, which reversed the 1.1 percent increase observed in the previous month. The lower costs for petroleum and natural gas were key contributors to this decrease in import fuel prices. On a year-over-year basis, however, import prices were up by 0.8 percent compared to August of the previous year.
Export prices also saw a decrease in August, falling by 0.7 percent. This decline was sharper than the anticipated 0.1 percent drop and followed a 0.5 percent increase in July. The decrease in export prices was attributed to lower prices for both nonagricultural and agricultural exports. On an annual basis, export prices were down 0.7 percent from August of the previous year, marking the first 12-month decline since April of this year.
These price movements reflect broader trends in international trade and economic conditions, with significant reductions in both import and export prices indicating shifts in global market dynamics.
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