The U.S. import price index was down 3.7% in August, according to data released by the Bureau of Labor Statistics yesterday.

IFR Markets had predicted a 1.7% decrease for the imports index. The 3.7% decrease in the index followed a revised 0.2% increase in import prices in July, originally reported as a 1.7% increase.

Excluding petroleum, the import price index fell 0.3% in the month, after a revised 0.7% rise in July, originally reported as a 0.9% jump. Excluding fuels, imports were up 0.2% in the month.

Petroleum import prices slumped 12.8% in August, Labor said. In the past year, petroleum import prices have soared 52%, compared to a 16% climb in the overall import price index and a 7.5% rise in non-petroleum imports, Labor said.

Meanwhile, export prices slid 1.7%, after a revised 1.5% increase in July, originally reported as a 1.4% increase.

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