US import prices unexpectedly fall in August

The US Labor Department said today that US import prices fell 0.3% in August after rising 0.4% in July, the first decline since October 2020. On an annual basis, US import prices declined by 9.0% in the twelve months to August, compared to the same period last year, compared to 10.3% in July.

Other data from the Federal Reserve showed that US industrial production rose 0.2% in August versus 1.6% in July and analysts had expected industrial production to rise by 0.4% in August.