All U.S. price indexes are currently experiencing deflation rates, according to the Ritchie Bros. August Market Trends Report.
Medium earthmoving equipment saw a decrease of 9% and large earthmoving equipment was down 3%.
The highest decline was seen in truck tractors at 19% year-over-year compared to the same time in 2022. However, this is still a 4% increase from the 23% decline the previous month.
Other categories experiencing declines in the U.S. include vocational trucks (-11%), and aerial lifts (-6%).
There was no sufficient data to make meaningful conclusions about the inflation rates in agriculture or agriculture tractors according to the report.
Most equipment indexes in Canada are also showing declining prices in the first half of 2023 compared to 2022.
Truck tractors (-22%), vocational trucks (-16%), medium earthmoving (-2%), and aerial equipment (-2%) all saw price declines, while large earthmoving is at 0%.
