U.S. July import prices were flat and export prices fell 0.5%
U.S. July import prices were flat and export prices fell 0.5%, weaker than analysts expected. The 0.4% decline in June import prices was revised up to -0.1%, while the 0.3% June rise in export prices was bumped down to 0.2%, while May was revised to a 0.7% gain from 0.6% previously. On a 12-month basis, import prices are up 4.8% y/y versus 4.7% y/y (revised from 4.3%), with export prices slowing to 4.3% y/y from 5.3% y/y. For import prices, petroleum was 0.9% higher from a 1.4% gain in June (revised from -0.8%). Excluding petroleum, prices dipped 0.1% from -0.4% (revised from -0.3%). Foods, beverages import prices dropped another 1.8% from -2.6%. Import prices with Canada ticked up 0.1% versus the prior 0.1% gain (revised from -0.3%), and were down 0.2% with China, versus June's 0.1% increase (revised from unchanged). For exports, agriculture prices plunged 5.3% from -1.0% previously, and were unchanged excluding ag, from 0.4%. Industrial supplies prices declined 0.4% from 1.0% (revised from 1.2%). Foods, beverages dropped 4.7% from -1.0% (revised from -0.9%). Autos, parts dipped 0.1%, the same as in June.