Import prices rise 0.3% in July, while export prices jump 1.3%

• July Import/Export Prices: Import prices +0.3% M/M vs. +0.6% consensus and +1.1% prior (revised from +1.0%).
• Represents the smallest monthly increase since the index ticked up 0.1% in November.
• July's increase was driven by higher fuel prices, +2.9%, as  petroleum prices rose 2.1% and natural gas prices surged 17.1%.
• Export prices: +1.3% M/M vs. +0.8% consensus and +1.2 % prior.
• Export prices haven't declined on a monthly basis since falling 3.5% in April 2020. Higher nonagricultural export prices more than offset lower agricultural export prices.