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Import fuel prices down 6.8 percent in August 2022, up 48.5 percent since August 2021

September 21, 2022

U.S. import prices decreased 1.0 percent in August. Over the year, from August 2021 to August 2022, U.S. import prices increased 7.8 percent, the smallest 12-month increase since March 2021.

Percent change in U.S. import prices, selected categories, August 2022
Category 1-month percent change,
Jul. 2022–Aug. 2022
12-month percent change,
Aug. 2021–Aug. 2022

All commodities

-1.0% 7.8%

Fuels & lubricants

-6.8 48.5

Industrial supplies & materials excluding fuels

-0.2 8.6

Foods, feeds, & beverages

-1.6 4.6

All imports excluding fuels

-0.2 3.9

Automotive vehicles, parts & engines

-0.1 3.3

Capital goods

0.0 3.3

Consumer goods, excluding automotives

0.1 1.8

Note: Data may be revised in each of the 3 months after original publication.

Import fuel prices decreased 6.8 percent in August. Despite decreases in recent months, import fuel prices were 48.5 percent higher in August 2022 compared with August 2021. Lower petroleum prices in August led the decrease in fuel prices. Natural gas prices also declined in August.

Prices for nonfuel imports decreased 0.2 percent in August. Nonfuel import prices have not recorded a monthly increase since April 2022. Lower August prices for foods, feeds, and beverages; nonfuel industrial supplies and materials; and automotive vehicles more than offset higher consumer goods prices. Despite declining in recent months, nonfuel import prices were up 3.9 percent over the past 12 months.

Prices for foods, feeds, and beverages decreased 1.6 percent in August 2022, the largest 1-month decrease since November 2020. The August decline was driven by lower prices for fruit, meat, and fish and shellfish. Food, feed, and beverage import prices were up 4.6 percent over the year.

Prices for nonfuel industrial supplies and materials decreased 0.2 percent in August 2022. The August drop was led by lower prices for unfinished metals and selected building materials which more than offset higher finished metal prices. Prices of nonfuel industrial supplies and materials imports were up 8.6 percent from August 2021 to August 2022.

Prices were mixed for the major finished goods imports categories in August. Consumer goods (excluding automotives) prices ticked up 0.1 percent. In contrast, automotive vehicles prices declined 0.1 percent in August, the first monthly drop since November 2020. Prices for capital goods were unchanged in August.

These data are from the International Price program. Import price changes may be revised in each of the 3 months after original publication. To learn more, see "U.S. Import and Export Prices — August 2022." Also see charts related to the latest “U.S. Import and Export Price Indexes” news release.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import fuel prices down 6.8 percent in August 2022, up 48.5 percent since August 2021 at https://www.bls.gov/opub/ted/2022/import-fuel-prices-down-6-8-percent-in-august-2022-up-48-5-percent-since-august-2021.htm (visited October 06, 2022).

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