Prior month import prices -0.3% revised from -0.4%Prior month export prices -1.4%US import and export prices for August:Import prices MoM: +0.7% vs +0.4% expected. Prior −0.3%Export prices MoM: +0.6% vs +0.5% expected. Prior −1.4%Import prices YoY: +7.0%Export prices YoY: +8.6%US import and export prices rose more than expected in August, adding to evidence that inflation pressures remain elevated.The Bureau of Labor Statistics reported that import prices increased 0.7%, led by higher nonfuel prices. Export prices rose 0.6%, reversing part of July’s sharp decline. On an annual basis, import prices were up 7.0%, while export prices increased 8.6%.Quick analysis: This is a hotter-than-expected report and is not what the Federal Reserve wants to see as it prepares to announce its interest-rate decision. Rising import costs can eventually filter through to producer and consumer prices, while stronger export prices suggest US companies are also receiving more for goods sold abroad. All else equal, the report may support higher Treasury yields and the US dollar, although the immediate market reaction will remain tied to expectations surrounding today’s Fed decision.What this report measures: Import prices track changes in the prices US buyers pay for goods and services purchased from abroad. Export prices measure changes in the prices US producers receive for goods and services sold overseas. Traders monitor both because they provide an early look at inflation moving through international trade before some of those costs reach businesses and consumers. This article was written by Greg Michalowski at investinglive.com.