Import, Export Price Indices Rise

The U.S. Import Price Index increased 0.4% in July, while the Export Price Index rose 0.3% in the same time period, reports the U.S. Department of Labor's Bureau of Labor Statistics. This increase in the Import Price Index, which is the fourth in the last five months, was led by a rise in petroleum prices. The Export Price Index increased in July after posting no changes in the previous two months. Import price data show that petroleum prices rose 4.9% last month, following a 4.8% decline in June. Imported petroleum prices have increased in six of the past seven months. The price index for non-petroleum imports was unchanged in July. The rise in the Export Price Index was fueled both by agricultural and non-agricultural price advances. Agricultural export prices advanced 2.7% in July, while non-agricultural export prices rose 0.2%.