Keeping you up to date on the latest data releases.
Import prices increased 0.2 percent in July after declining for the previous four months. Petroleum prices drove the increase, rising 3.2 percent, while nonpetroleum prices fell −0.5 percent compared to June. July represents the largest monthly decrease in nonpetroleum import prices since March 2009. On a year-over-year basis, import prices increase 1.0 percent after inching up 0.1 percent on a yearly basis in June. Petroleum prices jumped 7.8 percent on a yearly basis after averaging a −4.8 percent decline in the second quarter. Nonpetroleum prices fell −0.7 percent year-over-year after falling −0.4 percent, on average, in the second quarter. As in June’s report, nonpetroleum import prices remain subdued while petroleum prices add strength to the headline number.
Export prices fell −0.1 percent in July, marking five months of consecutive declines. On a year-over-year basis, export prices increased 0.4 percent after rising 0.8 percent in June and falling −0.8 percent in May.