US Import Prices Rise 0.7 Percent in August

The United States Department of Labor reported Wednesday that U.S. import prices rose by 0.7 percent in August. This increase significantly exceeded economist expectations, which had predicted a 0.3 percent rise. The August climb follows a revised decrease of 0.3 percent recorded in July.

U.S. export prices also increased during the same period, rising 0.6 percent in August. This figure was slightly higher than the expected 0.5 percent increase and represents a reversal from July, when export prices saw a revised decline of 1.4 percent.