WASHINGTON — U.S. import prices rose 0.6% in August, ahead of the 0.4% gain expected, and were up 0.3% excluding fuel prices and also up 0.3% excluding just petroleum prices.
Overall import prices rose 2.1% from a year ago, while prices excluding fuels were up 1.0% year/year and up 1.0% year/year excluding only petroleum, suggesting only modest underlying inflation.
When food and fuels were both removed, import prices were up 0.2% from July and up 0.8% from a year earlier. Fuel prices jumped 4.2% in the month, as petroleum prices rose 4.8%, offsetting a 5.7% decline in the relatively small natural gas category.
Import prices were up for the remaining components.
Export price posted a 0.6% increase overall and were up 0.7% excluding a 0.1% rise in agricultural commodities prices.