US import, export prices rise in July, higher than expectations

By Ovunc Kutlu

ISTANBUL (AA) – US import and export prices rose in June, higher than expectations, according to data released Tuesday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports increased 0.4% last month, after declining 0.1% in June. The figure was higher than estimates of a 0.2% gain.

"Import fuel prices advanced 3.6 percent in July, after increasing 1.9 percent in June," the agency said in a statement. "Higher prices for petroleum and natural gas in July contributed to the rise."

Export prices rose 0.7% in July, following a decline of 0.7% in June. The figure also came in higher than expectations of a 0.2% increase.

"The advance in July was the largest monthly increase since a 1.1-percent rise in June 2022. Higher prices in July for both agricultural and nonagricultural exports contributed to the overall advance," the statement said.

On an annual basis, however, prices for US exports decreased 7.9% in July, according to the Bureau of Labor Statistics.

The price index for US imports in July declined 4.4% year-on-year, it added.