{"id":12551,"date":"2023-09-16T13:47:23","date_gmt":"2023-09-16T13:47:23","guid":{"rendered":"https:\/\/prosfunds.com\/news\/cost-of-imports-registers-biggest-increase-in-15-months-as-gas-prices-boost-inflation\/"},"modified":"2023-09-16T13:47:24","modified_gmt":"2023-09-16T13:47:24","slug":"cost-of-imports-registers-biggest-increase-in-15-months-as-gas-prices-boost-inflation","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=12551","title":{"rendered":"Cost of imports registers biggest increase in 15 months as gas prices boost inflation"},"content":{"rendered":"
\n

The numbers:\u00a0<\/strong>The cost of imported goods rose 0.5% in August, marking the biggest increase in 15 months, largely because of higher oil prices.<\/p>\n

import prices rose for the second time in a row and just the third time this year. Economists polled by the Wall Street Journal had estimated a 0.3% increase.<\/p>\n

\n

If fuel is set aside, import prices fell 0.1% last month, the government said.<\/p>\n

What\u2019s more, the cost of imports has fallen 3% in the past year. Prices have eased since a huge runup in 2021 and 2022. <\/p>\n

Still, the recent increase in prices shows that inflation is unlikely to return to pre-pandemic levels of 2% or less anytime soon.<\/p>\n

Other snapshots of U.S. inflation such as consumer and wholesale prices also rose sharply in August.<\/p>\n

Key details:<\/strong> The cost of foreign-produced fuel rose 6.7% last month after a 2.2% increase in July.<\/p>\n

The cost of most other imports was little changed. Prices fell for industrial supplies and autos, offsetting increases in food and consumer goods. <\/p>\n

Nonfuel import prices have declined 0.8% in the past 12 months.<\/p>\n

Export prices rose 1.3% in August. They are down 5.5% over the past year, however.<\/p>\n

Big picture:<\/strong> A late-summer surge in oil prices tied to Saudi Arabian production cuts has nudged U.S. inflation higher, at least for now.<\/p>\n

Before the recent spike in energy prices, inflation has been on a downtrend.<\/p>\n

Looking ahead:<\/strong> \u201cEncouragingly, prices outside of fuel continued to decline on balance, which should help the [Federal Reserve] look past\u00a0the developments in the energy markets and remain on hold at next week\u2019s meeting,\u201d said Matthew Martin, U.S. economist at Oxford Economics.<\/p>\n

Market reaction:<\/strong>\u00a0 The Dow Jones Industrial Average
\n DJIA,
\n -0.83%<\/bg-quote>
\n and S&P 500
\n SPX,
\n -1.22%<\/bg-quote>
\n were set to open lower in Friday trades.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers:\u00a0The cost of imported goods rose 0.5% in August, marking the biggest increase in 15 months, largely because of higher oil prices. import prices rose for the second time in a row and just the third time this year. Economists polled by the Wall Street Journal had estimated a 0.3% increase. If fuel is […]<\/p>\n","protected":false},"author":1,"featured_media":12552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-12551","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nCost of imports registers biggest increase in 15 months as gas prices boost inflation | Prosfunds<\/title>\n<meta name=\"description\" content=\"The numbers:\u00a0The cost of imported goods rose 0.5% in August, marking the biggest increase in 15 months, largely because of higher oil prices. import\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=12551\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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