US import prices increased more than expected in August, while export prices also rose following declines in the previous month, according to figures released by the Labor Department on Wednesday.
Import prices climbed 0.7% in August after falling by a revised 0.3% in July.
Economists had forecast a 0.3% increase for August. The July decline was revised from the 0.4% decrease initially reported.
The August reading therefore exceeded economists’ expectations by 0.4 percentage points.
Export Prices Increase 0.6% Following July Decline
The Labor Department also reported that US export prices rose 0.6% in August, following a revised 1.4% decline in July.
Economists had expected export prices to increase by 0.5%.
The previous month’s decrease was revised from the initially reported 1.3%.
The August increase in export prices was consequently 0.1 percentage points above expectations.
Both import and export prices returned to monthly growth in August after declining in July, with the increase in import prices exceeding the corresponding rise in export prices.
The report did not provide further details in the supplied figures about the categories responsible for the monthly changes.