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U.S. Import Price Index records largest drop in eight months in August

U.S. Import Price Index records largest drop in eight months in August

Bitget2024/09/13 13:00

The U.S. import price index fell the most in eight months in August as fuel and food prices fell, signaling that domestic inflation will continue to subside in the coming months. The U.S. Department of Labor's Bureau of Labor Statistics reported Friday that the import price index fell 0.3 percent in August from a year earlier, the largest decline since December 2023, while unrevised import prices rose 0.1 percent in July. In the 12 months through August, the import price index rose 0.8% following a 1.7% increase in July. Government data released this week showed that the CPI and PPI rose moderately in August, although underlying inflation remains somewhat sticky. The Federal Reserve is expected to kick off its long-awaited easing cycle next Wednesday, with a 25 basis point rate cut almost on the table. Financial market expectations for a 50 bps rate cut were dashed by a stabilizing job market and still-warm core inflation data.

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