August 2024 U.S. Import and Export Price Indexes — 2024-09-13

U.S. import prices declined 0.3 percent in August following increases of 0.1 percent in July and June, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel prices contributed to the August decrease. Prices for U.S. exports fell 0.7 percent in August, after advancing 0.5 percent the previous month. The price index for U.S. imports fell 0.3 percent in August, after ticking up 0.1 percent from April to July. The August decline was the largest monthly drop since the index decreased 0.7 percent in December 2023. In spite of the August decline, U.S. import prices increased 0.8 percent over the past year. U.S. import prices last fell on a 12-month basis in February 2024. (See table 1.) Fuel Imports: Import fuel prices decreased 3.0 percent in August, after increasing 1.1 percent the previous month. The August drop was the largest 1-month decline since the index fell 8.0 percent in December 2023.