KONTAN.CO.ID - WASHINGTON. U.S. import prices posted their first decline in seven months in July, helped by a strong U.S. dollar and on lower costs for both fuel and nonfuel products in another sign that inflation may have peaked.
Import prices fell by a more-than-expected 1.4% last month after rising 0.3% in June, the Labor Department said on Friday. It was the largest monthly drop since April 2020. In the 12 months through July, import prices increased 8.8% after rising 10.7% in June, the fourth straight month the annual rate has fallen.
Economists polled by Reuters had forecast import prices, which exclude tariffs, would decline 1.0% from June.