June 18, 2024

Higher import prices in the United States fall in July

1 min read
Higher import prices in the United States fall in July

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WASHINGTON (Reuters) – US import prices rose lower than expected in July, a sign that inflationary pressures may have picked up as supply chain sanctions began to ease, affecting the US economy.

Import prices rose 0.3% last month, after rising 1.1% in June, the Labor Department said on Friday. The ninth consecutive monthly increase was 10.2 per cent from 11.3 per cent in the previous month.

Economists consulted by Reuters forecast a 0.6% increase in import prices, which excludes tariffs.

The government said this week that consumer prices were limited to July, although they remained at 13-year highs, while producer prices recorded the largest annual improvement in more than a decade.

Covid-19 vaccines, low interest rates and promotes the need for nearly $ 6 trillion in government assistance since the onset of the epidemic, while high commodity prices, low inventory and the global container crisis have weighed on the supply chain.

The price of imported fuel rose 5.5% in June and 2.9% last month. Oil prices rose 2.1%, while imported food prices rose 0.3%. Excluding fuel and food, import prices fell 0.1%. In June, core import prices rose 0.6%.

The report also shows that export prices rose by 1.3% in July, up from 1.2% in June. Agricultural export prices fell 1.7%. Non-agricultural products advanced 1.6%.

Export prices rose 16.9% in June, up 17.2% in July from a year earlier.

(By Lindsay Dunsmuir)

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