The U.S. import price index was up 1.7% in July, according to data released by the Bureau of Labor Statistics yesterday.
IFR Markets had predicted a 1.0% increase for the imports index. The 1.7% increase in the index followed a revised 2.9% increase in import prices in June, originally reported as a 2.6% increase.
Excluding petroleum, the import price index rose 0.9% in the month, after an unrevised 0.9% rise in June. Excluding fuels, imports were up 0.7% in the month.
Petroleum import prices spiked 4.0% in July after a revised 8.9% jump in June, originally reported as a 7.4% increase.
Meanwhile, export prices rose 1.4%, after a 1.0% increase in June.
