August 2008 U.S. Import and Export Price Indexes — 2008-09-11

The U.S. Import Price Index decreased 3.7 percent in August, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, after a revised 0.2 percent advance in July. A 12.8 percent drop in petroleum prices led the August decline. Prices for overall exports decreased 1.7 percent for the month. Percent changes in import and export price indexes by End Use category - not seasonally adjusted - Import prices fell 3.7 percent in August, the first decrease since December 2007 and the largest one-month decline since the index was first published monthly in December 1988. Despite the drop, import prices rose 16.0 percent over the past year. The August decrease in import prices was led by a 12.8 percent decline in petroleum prices, the largest monthly drop since an 18.8 percent decline in April 2003.