ECONOMIC INDICATORS

Import prices in U.S. rose 0.7% in August as energy costs jumped

BLOOMBERG FILE PHOTO/F. CARTER SMITH
AS ENERGY PRICES soared in August, the cost of imported goods into America rose for the first time in five months.
Posted 9/12/12

WASHINGTON - Prices of goods imported into the U.S. rose in August for the first time in five months as the cost of petroleum surged.

The 0.7 percent increase in the import-price index was less than forecast and followed a revised 0.7 percent decline in July, the Labor Department reported today in Washington. Economists projected the August gauge would rise 1.5 percent, according to the median estimate in a Bloomberg survey. Costs excluding fuel decreased for a fourth month.

The cost of goods and materials other than oil from abroad may be restrained as cooling markets from Europe to Asia limit demand for commodities like metals. Companies may find it difficult to pass along higher energy prices as consumers face limited job and income growth.

“The underlying picture on prices is generally subdued,” Sean Incremona, senior economist at 4Cast Inc. in New York, said before today’s report. “Most of the upside we’re seeing recently is going to be due to oil prices, which have rebounded pretty significantly from lows earlier this year. Final demand looks weak across the board.”

Projections for August import prices ranged from a 0.5 percent decrease to a 2 percent increase, according to the Bloomberg survey of 47 economists.

Against a backdrop of limited inflation, Federal Reserve policy makers will weigh additional accommodation to help bolster an economy that’s weakened this year. Chairman Ben S. Bernanke and his colleagues at the central bank, who begin a two-day meeting today, may add to record monetary stimulus.

Bernanke last month at a speech in Jackson Hole, Wyoming, made the case for unconventional policies.

Next Page
Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    See who the Healthiest Employers in RI are! And save the date - August 14th - at ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement