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Import prices in US recorded their biggest increase in seven months

Import prices in US recorded their biggest increase in seven months

US import prices increased 0.6 percent month-over-month in August of 2017, recovering from a downwardly revised 0.1 percent drop in July and above market expectations of 0.4 percent. It was the first gain in import prices since April and the largest since January as cost increased the most for industrial supplies and materials and finished goods and foods, feeds and beverages. Senior analyst Alan Green from Molton Wealth said that in the 12 months through August, import prices surged 2.1 percent after rising 1.2 percent in July. The year-on-year increase in import prices has slowed sharply since posting 4.7 percent in February, which was the biggest advance in five years. Also, prices recovered for both fuel (4.2 percent from -0.6 percent in July) and non-fuel (0.3 percent from -0.1 percent). Import Prices in the United States averaged 107.86 Index Points from 1982 until 2017, reaching an all time high of 147.50 Index Points in July of 2008 and a record low of 75 Index Points in March of 1986.