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- U.S. import-price index rises more than forecast in July
U.S. import-price index rises more than forecast in July
The Labor
Department reported on Thursday the import-price index, measuring the cost of
goods ranging from Canadian oil to Chinese electronics, rose 0.7 percent m-o-m
in July, following an unrevised 1.4 percent m-o-m gain in June. Economists had
expected prices to advance 0.6 percent m-o-m last month.
According to
the report, the July advance was driven by higher fuel prices (+6.9 percent m-o-m),
while nonfuel prices (+0.2 percent m-o-m) increased only slightly.
Over the
12-month period ended in July, import prices fell 3.3 percent, due to a tumble
in fuel prices (-32.8 percent), while nonfuel prices were unchanged (0.0 percent).
Meanwhile, the
price index for U.S. exports increased 0.8 percent m-o-m in July, following a
revised 1.2 percent m-o-m gain in the previous month (originally a 1.4 percent
m-o-m rise).
Prices for both
nonagricultural (+0.7 percent m-o-m) and agricultural (+1.5 percent m-o-m)
exports contributed to the July increase.
Over the past
12 months, the price index for exports plunged 4.4 percent, reflecting drops in
prices of both agricultural (-3.3 percent) and nonagricultural (-4.6 percent)
exports.
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