U.S. import prices rose by a more-than-expected 0.8 percent in August and the cost of nonpetroleum imports climbed 0.5 percent as well, government data showed on Thursday, hinting at inflation pressures.
It was the fourth increase of at least 0.8 percent in the last five months and followed an upwardly revised 1.0 percent increase in July, initially reported as a 0.9 percent rise.
Wall Street analysts polled by Reuters had forecast a 0.3 percent increase last month.
In the 12 months to August, import prices climbed 6.6 percent, slightly slower than the 7.2 percent gain notched in the 12 months to July.
Oil prices were behind much of the gain, although the numbers have also been volatile. Petroleum import prices rose 2.3 percent in August and are up 24.3 percent compared with a year ago.
But in encouraging news for the U.S. Federal Reserve — on alert for inflation risks — price pressures elsewhere in the production process were more muted.
Capital goods import prices were up 0.1 percent, automotive vehicles and parts were unchanged while consumer goods excluding autos were also flat.
The report also showed export prices grew by 0.4 percent in August, matching a 0.4 percent increase in July and compared with the 0.3 percent rise predicted by Wall Street.
However, import prices could moderate in September, as petroleum prices have fallen. U.S. benchmark crude (CLc1) hit record high of $78.40 on July 14 and traded at $64.34 on Thursday.
“Import prices, excluding fuels, that’s an important leading indicator of inflation -- that was troublingly high,” said Hugh Johnson, chief investment officer, Johnson Illington Advisors in Albany, New York.
