The Labor Department reported on Tuesday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.9 percent m-o-m in August, following a revised 1.2 percent m-o-m climb in July (originally a 0.7 percent m-o-m gain). Economists had expected prices to advance 0.5 percent m-o-m last month.

According to the report, the August advance was driven by рhigher prices for both fuel (+3.3 percent m-o-m) and nonfuel (+0.7 percent m-o-m) imports.

Over the 12-month period ended in August, import prices decreased 1.4 percent, due to a tumble in fuel prices (-22.2 percent), which was partly offset by a gain in nonfuel prices (+0.8 percent).

Meanwhile, the price index for U.S. exports went up 0.5 percent m-o-m in August, following a revised 0.9 percent m-o-m advance in the previous month (originally an 0.8 percent m-o-m rise).

In August, rising nonagricultural prices (+0.8 percent m-o-m) more than offset declining agricultural prices (-2.2 percent m-o-m).

Over the past 12 months, the price index for exports fell 2.8 percent, reflecting declines in prices of both agricultural (-2.9 percent) and nonagricultural (-2.8 percent) exports.