In August 2023, U.S. import prices increased by 0.5 percent, marking the largest monthly rise since May 2022, primarily driven by higher fuel prices. Fuel imports surged by 6.7 percent, largely due to increased import petroleum and natural gas prices, though they remained significantly lower than the previous year. Prices for nonfuel imports, on the other hand, declined by 0.1 percent for the second consecutive month, with lower prices observed for various categories, including industrial supplies and materials, capital goods, and automotive vehicles. The price index for import foods, feeds, and beverages increased by 0.7 percent.
On the export front, U.S. export prices saw a notable rise of 1.3 percent in August, the largest monthly increase since May 2022. This increase was driven by higher nonagricultural prices, offsetting lower agricultural prices. Export agricultural prices declined by 2.2 percent in August, particularly affected by lower soybean, corn, wheat, and nut prices. In contrast, nonagricultural export prices rose by 1.7 percent, driven by higher prices for industrial supplies and materials, capital goods, and automotive vehicles. Despite this monthly increase, U.S. export prices remained 5.5 percent lower than the previous year.
