US import, export prices up in August, more than forecasts

US import and export prices rose in June, more than market forecasts, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports climbed 0.5 per cent last month, after ticking up 0.1 per cent in July. The figure rose faster than expectations of a 0.3 per cent gain, Anadolu reports. 

"The August advance was led by higher fuel prices," the bureau said in a statement.

Export prices jumped 1.3 per cent in August, following a 0.5 per cent rise in the prior month. The figure also came in higher than expectations of a 0.4 per cent increase.

"The August rise was the largest 1-month advance since the index increased 2.7 per cent in May 2022," read the statement.

On an annual basis, however, prices for US imports and exports fell 3 per cent and 5.5 per cent, respectively, in August, according to the Bureau of Labor Statistics.