U.S. Import Prices Fell More Than Expected in July
By Maria Martinez
Prices of imported goods to the U.S. declined in July due to
lower fuel and nonfuel prices, adding to hopes of moderating
inflation pressures ahead.
Import prices fell 1.4% in July compared with the previous
month, following a revised 0.3% monthly gain in June, data from the
Labor Department showed Friday.
Economists polled by The Wall Street Journal expected import
prices to decline 1.0%.
The decline in import prices was led by a 7.5% decline in fuel
prices in July, following a 6.2% percent increase in June. The
price index for nonfuel imports fell for the third consecutive
month, decreasing 0.5% in July, after a decline of 0.6% in
U.S. import prices rose 8.8% in July compared with the same
month a year earlier, the smallest year-on-year increase since the
index advanced 7.1% from March 2020 to March 2021.
Write to Maria Martinez at email@example.com
(END) Dow Jones Newswires
August 12, 2022 08:58 ET (12:58 GMT)
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