US import prices rise by less than forecast in July

The price of goods purchased overseas rose by less than expected last month despite the higher cost of fuel imports.

According to the US Department of Labor, in seasonally adjusted terms the US import price index increased at a month-on-month pace of 0.3% in July.

Economists had forecast a rise of 0.6%.

Fuel import prices rose by 2.9% in comparison to the month before, but excluding fuel import prices were flat.

Versus a year ago, import prices climbed 10.2%.

On the export side of the equation, prices increased by 1.3% on the month, despite a 1.7% fall in the price of agricultural imports.

Non-agricultural import prices meanwhile rose by 0.6%.