WASHINGTON (dpa-AFX) - The Labor Department released a report on Friday showing import prices in the U.S. increased by more than expected in the month of July.
The report said import prices climbed by 0.4 percent in July after a downwardly revised 0.1 percent dip in June.
Economists had expected import prices to inch up by 0.1 percent, matching the 0.1 percent uptick originally reported for the previous month.
'Along with this week's producer price report, the import price data support our expectations for pressure on consumer prices to accelerate in the months ahead,' said Matthew Martin, Senior U.S. Economist at Oxford Economics.
Compared to the same month a year ago, import prices were down by 0.2 percent in July, unchanged from June and in line with economist estimates.
The stronger than expected monthly import price growth partly reflected a sharp increase in prices for fuel imports, which surged by 2.7 percent in July after climbing by 0.8 percent in June.
Prices for non-fuel imports rose by 0.3 percent in July after falling by 0.3 percent in June, as higher prices for non-fuel industrial supplies and materials consumer goods, and capital goods more than offset lower prices for automotive vehicles and foods, feeds, and beverages.
Meanwhile, the Labor Department said export prices crept up by 0.1 percent in July after rising by 0.5 percent in June. The modest increase matched economist estimates.
The report also said the annual rate of growth by export prices slowed to 2.2 percent in July from 2.8 percent in June.
The monthly uptick by export prices came as prices for non-agricultural exports inched up by 0.1 percent in July following a 0.5 percent increase in June.
Higher prices for automotive vehicles, capital goods and consumer goods more than offset lower prices for non-agricultural industrial supplies and materials, the Labor Department said.
Prices for agricultural exports were unchanged in July after climbing by 0.8 percent in June, as higher prices for meat and vegetables offset lower prices for corn and animal feeds.
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