Import prices fell sharply for the second straight month in August, thanks to the strong dollar.
Fresh government data on Thursday showed import prices fell sharply for the second straight month in August.Much of that was because of lower prices for imported petroleum, which dropped more than 7% during the month.Between the lines:One widely watched measure of the dollar, the ICE U.S.
dollar index, is up roughly 14% in 2022, a massive move compared to the moderate ranges currencies typically trade in.When currencies appreciate it means that money is able to buy more foreign goods than it used to, or buy the same amount at a lower price. Thus, in this case, import prices are lower in dollar terms.
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