July export prices drive up more than expected

U.S. import prices increased 0.7 percent in July, the U.S. Bureau of Labor Statistics

reported today, following a 1.4-percent advance in June and a 0.7-percent rise in 

May. The increases for all 3 months were primarily driven by higher fuel prices. 

The price index for U.S. exports advanced 0.8 percent in July, after 
rising 1.2 percent the previous month.

Imports 

U.S. import prices rose for the third consecutive month in July, increasing 0.7 

percent for the month and 2.8 percent from April to July, the largest 3-month advance

since May 2011. The July advance was led by rising fuel prices; nonfuel prices also 

contributed to the increase. Despite the advance over the past 3 months, the 
price index for U.S. imports declined 3.3 percent over the past year. 

Exports 

U.S. export prices advanced 0.8 percent in July following a 1.2-percent increase the 

previous month. Higher prices for nonagricultural exports and agricultural exports 

both contributed to the July rise. Despite the upturn in the past 2 months, the 

price index for U.S. exports decreased 4.4 percent for the year ended in July.