The U.S. import price index was down 0.7% in July, according to data released by the Bureau of Labor Statistics yesterday.

Thomson Reuters had predicted a 0.4% decrease for the imports index. The 0.7% decrease in the index followed a revised 2.6% increase in import prices in June, which had originally been reported as a 3.2% jump.

Excluding petroleum, the import price index fell 0.2% in the month, after a 0.2% drop in June. Excluding fuels, imports were off 0.1% in the month.

Meanwhile, export prices dipped 0.3%, after a 1.0% increase in June.

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