US import, export prices fall in August

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices declined in August, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports decreased 0.3% last month, marking the largest monthly drop since December 2023.

The market expectation for the figure was to show a 0.2% decline, after posting a monthly increase of 0.1% in July.

"Import fuel prices decreased 3.0 percent in August, after increasing 1.1 percent the previous month," the agency said in a statement. "Lower prices for petroleum and natural gas in August each contributed to the drop in import fuel prices."

On an annual basis, however, import prices in August increased 0.8% from the same month last year.

Export prices, meanwhile, decreased 0.7% in August.

The market expectations for the figure was to show a 0.1% decline, following a gain of 0.5% in July.

"Lower prices for nonagricultural and agricultural exports each contributed to the decrease in U.S. export prices in August," said the statement.

Annually, prices for US exports were also down 0.7% in August, compared to the same month of last year, marking the first 12-month advance since April this year.