U.S. import prices up, export prices down

UPI
Sep. 10, 2005

Higher energy prices boosted the cost of U.S. imports 1.3 percent in August, slightly higher than expected.

Meanwhile, export prices slipped 0.1 percent last month after a 0.1-percent rise in July, the Labor Department said Friday. Most analysts had forecast export prices to hold steady in August.

The 1.3 percent rise in import costs, which slightly exceeded economists' expectations of a 1.1-percent upturn, was driven by a 7.1-percent rise in crude oil and petroleum products. In the last 12 months, such imports have risen in price 42.5 percent.

Prices for non-petroleum imports were steady. Considered geographically, Canadian and European imports cost more while Asian imports cost less. Considered by industry sector, industrial supplies and materials prices cost more, while food, clothing and other consumer goods cost less.

Export prices fell, for the third time in four months, on declining prices for capital goods and agricultural products.

In contrast, the price index for non-agricultural industrial supplies and materials increased 0.3 percent in August, as higher prices for fuel and chemicals more than offset lower metals prices.