Import prices are up and export prices are down for July, according to a Labor Department report (link opens a PDF) released today.
Import prices increased 0.2% for July, reversing a four-month trend of decreasing prices. Analysts had expected as much with a sharp 0.9% increase prediction, but their estimate proved too pricey. This month's increase was largely driven by fuel prices, up 2.5% compared with a continually declining 0.4% drop in non-fuel import prices.
Export prices fell another 0.1% for July, marking exports' fifth month of price declines in contrast to analysts' predictions of a 0.2% increase. Agricultural prices packed the most punch, dropping 0.3% after a 0.8% increase in June. Nonagricultural export prices recorded no change for July.
On a regional basis, import prices from Japan fell 0.5%, while China prices decreased 0.1%. E.U. import prices bumped up 0.2% for July, while Mexico imports cost around 0.5% more.