No doubt fuel prices played a significant role in these latest numbers.
U.S. import prices rose by a more-than-expected 0.8 percent in August and the cost of nonpetroleum imports climbed 0.5 percent as well, government data showed on Thursday, hinting at inflation pressures.
But watch these numbers change significantly this month. And watch what the analysts have to say.
The change is pretty easy to predict.
Oil prices were behind much of the gain, although the numbers have also been volatile. Petroleum import prices rose 2.3 percent in August and are up 24.3 percent compared with a year ago.
That was then, this is now.
However, import prices could moderate in September, as petroleum prices have fallen. U.S. benchmark crude (CLc1) hit record high of $78.40 on July 14 and traded at $64.34 on Thursday.
That's quite a drop in 60 days. Elsewhere in the economy.
Capital goods import prices were up 0.1 percent, automotive vehicles and parts were unchanged while consumer goods excluding autos were also flat.
The report also showed export prices grew by 0.4 percent in August, matching a 0.4 percent increase in July and compared with the 0.3 percent rise predicted by Wall Street.
But those who are inclined to worry are breathing a bit easier.
But in encouraging news for the U.S. Federal Reserve — on alert for inflation risks — price pressures elsewhere in the production process were more muted.
So, for now the economy is still forging ahead steadily. To me it's a lot like the rolling waves of the ocean. There are plenty of ups and downs - and headwinds and tailwinds - but the ship is still on course and in pretty good shape.
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