Keeping you up to date on the latest data releases.
In July, U.S. import prices increased 0.3 percent, rebounding from June’s 0.5 percent decline. Still, import prices are up 14 percent from a year ago, its highest growth rate since August 2008. The monthly gain was broad based across most major categories with a 0.6 percent gain in fuel driving the increase after declining 2.1 percent in June. Petroleum prices continued to post double-digit gains on a year-over-year basis with July marking a 48.9 percent increase.
Non-oil import prices advanced 0.2 percent after declining 0.1 percent in June. July’s increase can be attributed to higher prices for consumer goods (up 0.4 percent) and nonfuel industrial supplies and materials (up 0.7 percent). While most import price categories posted gains for July, imported auto prices fell by 0.3 percent, the first decline since the beginning of the year. On a year-over-year basis, non-oil import prices advanced 5.5 percent, its strongest growth rate since September 2008.
U.S. export prices fell 0.4 percent in July, its first decrease since July 2010. Gains in nonagricultural prices (up 0.2 percent) were offset by declining prices for agricultural commodities (down 4.3 percent). Although export prices declined on a monthly basis, they were up 9.8 percent from a year ago.