US import prices increase more than expected in August

FE Team | Published: September 15, 2020 22:19:43

People are shopping at Macy's Department store in New York City, US recently — Reuters

WASHINGTON, Sept 15 (Reuters): US import prices increased more than expected in August and gains in the prior month were revised sharply higher, supporting views that inflation pressures were building up.
The Labor Department said on Tuesday import prices rose 0.9 per cent last month. Data for July was revised higher to show import prices accelerating 1.2 per cent instead of 0.7 per cent as previously reported.
Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 0.5 per cent in August.
In the 12 months through August, import prices fell 1.4 per cent after declining 2.8 per cent in July.