Last Update: 13-Sep-19 09:31 ET
Export Prices ex-ag.
- Import prices were down 0.5% m/m in August and were unchanged excluding fuel.
- Export prices were down 0.6% m/m in August and were down 0.4% excluding agricultural exports.
- Fuel import prices, which decreased 4.3%, drove the drop in overall import prices.
- Agricultural export prices declined 2.5% in August, which was the largest monthly drop since July 2018.
- Prices for imports from China decreased 0.1% in August after decreasing 0.2% in both July and June. The last m/m uptick in import prices from China was in May 2018.
- On a year-over-year basis, nonfuel imports prices were down 1.0%, versus up 0.9% for the same period ending August 2018, while nonagricultural export prices were down 1.6%, versus up 4.1% for the same period ending August 2018.
- The key takeaway from this report is that it reveals a lack of inflation pressure on import prices despite the tariff actions, which is running somewhat counter to C-suite commentary. This report is apt to be dismissed, though, since the more influential CPI report, which showed budding inflation pressure for core consumer prices, was released yesterday.