More evidence of a global economic slowdown emerged this morning, with positive news for inflation: U.S. import prices saw their largest drop in eight months in August 2024. Declines in fuel and food costs contributed to the 0.3% decrease, signaling that domestic inflation may continue to ease in the coming months.
According to the Labor Department's Bureau of Labor Statistics, import prices fell 0.3% in August, the biggest decline since December 2023, following an unrevised 0.1% increase in July. Economists surveyed by Reuters had anticipated a 0.2% drop.
On a year-over-year basis, import prices rose 0.8% through August, down from a 1.7% increase in July. Earlier government reports this week indicated modest gains in both producer and consumer prices for August, though some underlying inflationary pressures persist.
The Federal Reserve is widely expected to begin its long-awaited easing cycle next Wednesday, likely cutting interest rates by 25 basis points. ...
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