US: Import prices decline 0.6% in August; export prices edge down 0.1%

"U.S. import prices declined 0.6 percent in August following a 0.1-percent decrease the previous month,"  the U.S. Bureau of Labor Statistics announced today.

Key takeaways from the press release

• Falling prices for both fuel and nonfuel imports contributed to the August decline.
• Nonfuel import prices edged down 0.1 percent in August, after decreasing 0.3 percent in each of the previous 2 months.
• Prices for U.S. imports advanced 3.7 percent from August 2017 to August 2018 and have not recorded a 12-month decline since October 2016.
• Prices for U.S. exports edged down 0.1 percent, after decreasing 0.5 percent in July.
• The price index for overall exports advanced 3.6 percent for the year ended in August and has not recorded a 12-month decline since a 0.2-percent decrease in November 2016.