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U.S. import prices flat in July despite higher fuel costs

Staff Writer |
Fuel costs continued to push U.S. import price inflation higher last month.

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Import prices in the States were flat in July when compared to the month before (consensus: 0.1%), according to the Bureau of Labor Statistics.

Yet versus the same month of one year ago they were up by 4.8%, following a reading of 4.3% for the month before.

Price gains were led by fuel imports, which were 1.6% dearer month-on-month and 40.7% costlier in comparison to a year ago.

Non-fuel import prices on the other hand dipped by 0.3% on the month and were up by 1.3% on the year.

Export prices on the other hand fell by 0.5% on the month, although in year-over-year terms they were up by 4.3%.

Agricultural export prices were weakest, declining by 5.3% against June, while non-agricultural export prices were flat.

In comparison to July 2017 it was a similar story, with the former declining by 2.0% but the latter up by 5.0%.

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