WASHINGTON (MarketWatch) - The prices paid for goods imported into the U.S. declined by 0.9% in August, the biggest drop since last November, led lower by fuel prices, the Labor Department reported Friday. Economists polled by MarketWatch had forecast a 1.0% drop, following a revised 0.3% drop in July. Import prices for fuel fell 4.6% in August, the second consecutive monthly decline and the largest since June 2012. Excluding fuel, import prices were up 0.1% in August, the first increase since March. Of note, import prices for automotive vehicles rose 0.1% last month. Meanwhile, the prices of U.S.-made goods exported to other nations fell 0.5% in August. Prices for agricultural exports fell 2.8% in August, the largest drop in a year. Prices for nonagricultural exports fell 0.3%. Over the past year import prices have fallen 0.4%, the largest decline since the year ended in March. Excluding fuel, annual import-price growth was 0.7%, the fastest 12-month pace since May 2012.
