Led by an increase in prices of petroleum for the third time in three months, the U.S. Labor Department's import price index rose nine-tenths of a percentage point in July. A 4.7% advance in the price of imported petroleum more than offset a tenth-percent decline in non-petroleum prices, the department said.
The department's import price index had been unchanged in June, following a 1.8% rise in May and a 2.1% increase in April.
The price index for U.S. exports rose four-tenths of a percentage point in July, following an increase of seven-tenths percent in June, a six-tenths rise in May and a seven-tenths percent increase in April. Both agricultural and non-agricultural prices contributed to July's export price index increase.