US August import prices miss forecasts despite jump in fuel costs
US import prices jumped last month, on the back of a surge in the price of imported fuel.
Total prices rose by 0.6% on the month and 2.1% year-on-year, according to the Department of Commerce.
Yet that was slightly less than the 0.3% month-on-month and 2.2% year-on-year pace of increase which some economists had penciled in.
Versus July, fuel import prices arose by 4.2% and those of non-fuel purchases from overseas by 0.3%.
Export prices were similarly strong, increasing by 0.6% on the month and 2.3% on the year.
Non-agricultural export prices were especially strong last month, rising by 0.7% while those of non-agricultural exports were up by just a tenth of a percentage point, albeit after a jump of 1.9% in July.