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Import prices continued their downward trajectory, falling 0.6 percent in July after plummeting 2.4 percent last month. July marks the fourth consecutive month of declining import prices. Continued decreases in import prices indicate that foreign prices have the potential to exert downward pressure on domestic prices in the coming months. Lower import prices could also contribute to lower import totals as well. Both lower petroleum and nonpetroleum prices contributed to the decrease in the overall index. Petroleum prices fell 1.6 percent after falling 9.3 percent last month. On a yearly basis, petroleum prices fell 12.3 percent, the largest drop since October 2009. Nonpetroleum prices fell by 0.3 percent from June to July and declined by 0.5 percent from July of last year. The overall import price index continued to fall on a yearly basis for the third consecutive month posting losses of 3.2 percent.
Export prices increased by 0.5 percent in July after declining in June and May. Nonagricultural prices declined 0.3 percent partially offsetting the 6.4 percent increase in agricultural prices. On a year-over-year basis, export prices fell 1.2 percent, posting losses for the third consecutive month.