WASHINGTON (Reuters) – US import prices fell in August amid a decline in oil and food product costs, suggesting that imported inflation could remain contained for some time.
The Labor Department said Friday that import prices fell 0.5% last month. The data for July were revised downwards to show an advance of 0.1% instead of the 0.2% previously reported.
Economists polled by Reuters had anticipated a 0.4% drop in prices in August. In the 12 months to August, import prices declined 2.0% after falling 1.9% in July.
This suggests that inflation will likely remain moderate despite the increase in underlying consumer prices in August, which could allow the Federal Reserve to reduce interest rates to curb the damage to the economy of trade tensions between China and States United.
Report by Lucia Mutikani, edited in Spanish by Gabriela Donoso
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