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The Labor Department said on Thursday import
prices decreased 0.2 percent last month after June's unrevised
0.1 percent gain.
Economists polled by Reuters had forecast import prices falling
0.3 percent in July. In the 12 months through July, prices
increased 0.8 percent.
Sluggish global demand is keeping imported inflation subdued,
but domestic price pressures are steadily rising.
That and a gradually tightening labor market has left some
economists anticipating an early interest rate increase from the
Federal Reserve.
Imported petroleum prices fell 1.2 percent in July, the largest
decline since November, after rising 1.1 percent the prior
month. Imported food prices increased 1.0 percent. Food prices
had declined 1.6 percent in June.
Import prices excluding petroleum were flat in July. Imported
inflation was also dampened by a 0.8 percent fall in the price
of automobiles, the largest drop since December 1992.
The Labor Department report also showed export prices were
unchanged in July after falling 0.4 percent in June. In the 12
months through July, export prices rose 0.4 percent.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
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