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

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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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