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Economic Report: U.S. import prices fall for the first time in 10 months as inflationary pressures ease

The cost of imported goods fell in August for the first time in 10 months, perhaps another sign that inflation is starting to cool after a big runup earlier this year.

The import price index dropped 0.3% last month, the government said Wednesday. The decline mostly stemmed from the lower cost of foreign oil and industrial supplies.

Economists polled by The Wall Street Journal had forecast a 0.3% increase.

The cost of foreign-produced fuel slid 2.3% last month and accounted for most of the decline in import prices. Excluding fuel, import prices fell a smaller 0.1% last month.

Read: The great U.S. inflation scare of 2021 isn’t over just yet

Import prices have risen 9% in the past year, but the increase has slowed for three months in a row.

Read: Surge in consumer prices slows in August, CPI shows. Has inflation peaked?

U.S. export prices, on the other hand, rose 0.4% in August.

The report had little sway on Wall Street. The Dow Jones Industrial Average
DJIA,
-0.84%

and S&P 500
SPX,
-0.57%

were set to open narrowly mixed in Wednesday trades.

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