September 13, 2024 – 6:43 AM PDT
WASHINGTON (Reuters) – U.S. import prices dropped by the most in eight months in August amid lower costs for a broad range of goods, suggesting that domestic inflation will continue to subside in the months ahead.
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The report from the Labor Department on Friday followed on the heels of data this week showing mild increases in producer and consumer prices in August, though some stickiness remained in underlying inflation. With price pressures ebbing, the Federal Reserve is now focused on the labor market, which has slowed considerably from last year’s robust job growth.
“The inflation flare-up early in the year is no longer evident in the prices of imported goods coming into the country…
