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- U.S. import-price index unexpectedly rise in July
U.S. import-price index unexpectedly rise in July
The Labor
Department reported on Wednesday the import-price index, measuring the cost of
goods ranging from Canadian oil to Chinese electronics, rose 0.2 percent m-o-m
in July, following a revised 1.1 percent m-o-m drop in June (originally a 0.9
percent m-o-m decline). Economists had expected prices to remain unchanged
m-o-m last month.
According to
the report, rising fuel prices (+1.8 percent m-o-m) more than offset lower nonfuel
prices (-0.1 percent m-o-m).
Over the
12-month period ended in July, import prices dropped 1.8 percent, weighed down
by declines in both fuel (-5.5 percent) and nonfuel (-1.3 percent) prices.
The price index
for U.S. exports also went up 0.2 percent m-o-m in July, following a revised 0.6
percent m-o-m decrease in the previous month (originally a 0.7 percent m-o-m decline).
Higher
agricultural (+0.4 percent m-o-m) and nonagricultural (+0.2 percent m-o-m) prices
both contributed to the advance.
Over the past
12 months, the price index for exports dropped 0.9 percent, weighed down by
lower prices for nonagricultural exports (-1.5 percent).
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