US import prices edge slightly higher in July

updated: 14 August 2019 at 1:54pm Author: Alexander Bueso

(Sharecast News) - Import prices in the US edged slightly higher in July as energy costs bounced back.
According to the Bureau of Labor Statistics, the US import price index rose at a month-on-month pace of 0.2%, pushing the year-on-year rate of increase higher to -1.8%.

Economists had forecast no change in prices in comparison to June and a 2.2% fall versus a year ago.

In comparison to June, fuel import prices increased by 1.8% following a drop of 7.3% in the month before.

Non-fuel import prices meanwhile drifted down by 0.1%.

On the export side of the equation, prices were also 0.2% higher on the month, but 0.9% lower year-on-year.

Agricultural export prices increased at a month-on-month clip of 0.4% and those of non-agricultural exports by 0.2%.