US Import Price Growth Slows to Eight-Month Low in July. Export Prices Slightly Up

Source: Bureau of Labor Statistics

US import price growth slowed to an eight-month low in July, while export prices grew slightly faster during the month.

• Import prices grew by 0.3% in July. This is the slowest monthly growth in eight months since prices climbed 0.1% in November 2020.
• Year-on-year import prices increased by 10.2%. This is slower than June’s 11.3%, but a reversal of July 2020’s -2.8%.
• Prices for fuel import climbed 2.9%, following record movements in natural gas prices. Nonfuel imports were largely unchanged.
• Import prices for all the categories of major finished goods reported growth during the month.
• Export prices grew by 1.3%, faster than the 1.2% recorded in June and the 1.0% growth in July 2020.
• Year-on-year export prices jumped 17.2%, up from the 16.9% increase the previous month.
• Prices for non-agricultural exports declined by 1.7%, marking the first contraction in 11 months since prices fell by 2.2% in August 2020.
• Non-agricultural exports gained 1.6%, faster than June’s 1.1% and 0.9% in the same month last year.