US import prices rise 0.7 percent; annual gain reaches 7.0 percent

US import prices rose 0.7 percent in August after falling 0.3 percent in July, the Bureau of Labor Statistics said Wednesday, while prices were 7.0 percent higher than a year earlier. It was the largest annual increase since August 2022.

Nonfuel import prices increased 0.8 percent for the month and 5.5 percent over the year. Fuel moved differently. Those prices slipped 0.1 percent in August but remained 26.8 percent above a year earlier.

Natural gas import prices were 102.6 percent higher over the year. Export prices gained 0.6 percent in August after falling 1.4 percent in July.