Lower Fuel Costs Push Import Prices Down
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hxdbzxy/iStockphoto/Thinkstock(NEW YORK) — U.S. import prices dropped for the second consecutive month in August, largely on the back of lower fuel prices.
According to the Bureau of Labor Statistics, import prices were 0.9 percent lower in August than in July, while export prices dipped by 0.5 percent. The lower import prices represented the largest single-month decline since November 2013.
The cost of fuel imports dropped by 4.6 percent since July. Over the last year, fuel import prices have dipped by 4.5 percent, that following a 4.1 percent increase in the preceding 12 months.
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