Import prices drop in August 2008
September 12, 2008
Import prices fell 3.7 percent in August, the first decrease since December 2007 and the largest one-month decline since the index was first published monthly in December 1988. Despite the drop, import prices rose 16.0 percent over the past year.
The August decrease in import prices was led by a 12.8-percent decline in petroleum prices, the largest monthly drop since an 18.8-percent decline in April 2003. The August decline in petroleum prices followed a revised 1.0-percent decrease in July; however the index still rose 52.0 percent over the past 12 months.
Nonpetroleum import prices declined 0.3 percent in August after a 0.7-percent increase the previous month. The August decrease was driven by a 16.4-percent downturn in natural gas prices. Overall nonpetroleum prices rose 7.5 percent for the year ended in August.
These data are from the BLS International Price program. Import price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes -- August 2008," (PDF) (HTML) news release USDL 08-1272.
Bureau of Labor Statistics, U.S. Department of Labor, The Editor's Desk, Import prices drop in August 2008 on the Internet at http://www.bls.gov/opub/ted/2008/sept/wk2/art05.htm (visited July 30, 2014).
Spotlight on Statistics: Productivity
This edition of Spotlight on Statistics examines labor productivity trends from 2000 through 2010 for selected industries and sectors within the nonfarm business sector of the U.S. economy. Read more »