US import and export prices higher in July

Prices for U.S. imports advanced 0.1 percent in July, the U.S. Bureau of Labor Statistics reported today, following a 0.6-percent rise the previous month. In July, increasing nonfuel prices more than offset a downturn in fuel prices. The price index for U.S. exports rose 0.2 percent in July, after advancing 0.8 percent in June.

U.S. import prices continued to advance in July, ticking up 0.1 percent. Prices for imports have not recorded a monthly decrease over the past 5 months and increased 3.0 percent since last declining in February. Prior to July, the increases were driven by rising fuel prices. In contrast, in July, nonfuel prices led the advance and fuel prices recorded a decrease. Despite the recent increases, import prices remain down on an over-the-year basis, falling 3.7 percent over the past 12 months. Import prices have not recorded a 12-month advance since 2 years ago when the index rose 0.9 percent between July 2013 and July 2014.

Prices for U.S. exports increased 0.2 percent in July, after rising 2.4 percent over the 3 previous months. In July, higher nonagricultural prices more than offset a decrease in agricultural prices.
The price index for exports last recorded a 1-month decline when the index edged down 0.1 percent in March. Even accounting for the recent advances, export prices declined 3.0 percent over the past 12 months and have not increased on an over-the-year basis since the index advanced 0.4 percent in August 2014.