US imports rise less than expected in July

The US Department of Labor said today that US import prices rose 0.3% in July after rising by 1.1% in June, and on an annual basis, US import prices rose 10.2% in July, compared to 11.3% in June, the lowest monthly increase since last November.

The prices of basic imports, excluding fuel and food, decreased by 0.1% in July, compared to 0.6% in June. During July, the prices of imported fuels increased by 2.9%, as well as oil prices by 2.1%, and the cost of imported foodstuffs increased by 0.3%. US export prices rose 1.3% in July after rising 1.2% in June as agricultural exports fell 1.7% while non-agricultural exports rose 1.6%, and on an annual basis export prices rose 17.2% in July after rising 16.9% in June .