US import prices flat in July, despite higher fuel costs

Fuel costs continued to push US import price inflation higher last month.

Import prices in the States were flat in July when compared to the month before (consensus: 0.1%), according to the Bureau of Labor Statistics.

Yet versus the same month of one year ago they were up by 4.8%, following a reading of 4.3% for the month before.

Price gains were led by fuel imports, which were 1.6% dearer month-on-month and 40.7% costlier in comparison to a year ago.

Non-fuel import prices on the other hand dipped by 0.3% on the month and were up by 1.3% on the year.

Export prices on the other hand fell by 0.5% on the month, although in year-over-year terms they were up by 4.3%.

Agricultural export prices were weakest, declining by 5.3% against June, while non-agricultural export prices were flat.

In comparison to July 2017 it was a similar story, with the former declining by 2.0% but the latter up by 5.0%.