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Import prices increased 0.2 percent (nonannualized) in July. The increase follows consecutive declines of 0.8 and 1.3 percent in May and June and was driven by a 2.1 percent increase in petroleum prices. Nonpetroleum import prices continued to decline in July, falling 0.3 percent. The three-month period ending in July represents the largest three-month decline in the index since February 2009; however, the price index is up 4.1 percent for the twelve-month period ending in July.
Export prices fell for the second month in a row, falling 0.2 percent in July. The decline follows a 0.7 decline in June and marks the first consecutive decline in the index since February and March of 2009. The main factor contributing to the decline was nonagricultural industrial supplies and materials (−0.4 percent). For the twelve-month period ending in July, overall export prices increased 3.9 percent.