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.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.