With an increase in non-fuel prices more than offsetting a downturn in fuel prices, the Labor Department released a report on Thursday unexpectedly showing an uptick in U.S. import prices in the month of July.
The report said import prices inched up by 0.1 percent in July after climbing by an upwardly revised 0.6 percent in June.
Import prices had been expected to drop by 0.4 percent compared to the 0.2 percent increase that had been reported for the previous month.
The unexpected uptick in import prices came as prices for non-fuel imports rose by 0.3 percent in July after falling by 0.2 percent in June.
The increase in non-fuel prices was led by higher prices for non-fuel industrial supplies and materials and foods, feeds, and beverages.
Meanwhile, the report said prices for fuel imports slumped by 2.5 percent in July after jumping by 9.6 percent in June.
A 3.6 percent drop in petroleum prices drove the downturn in fuel prices, more than offsetting a 31.4 percent spike in the price index for natural gas.
The Labor Department also said export prices rose by 0.2 percent in July after advancing by 0.8 percent in the previous month.
Prices for non-agricultural exports climbed by 0.3 percent in July following a 0.5 percent increase in June, reflecting higher prices for non-agricultural industrial supplies and materials as well as consumer goods.
On the other hand, the report said prices for agricultural exports fell by 0.4 percent in July after surging up by 2.6 percent in June. The downturn was led by an 8.5 percent drop in corn prices.
Compared to the same month a year ago, import prices were down by 3.7 percent in June, while export prices were down by 3.0 percent.
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