US import prices edge up in July
Tweet
Share
E-mail
Shipping containers are seen are at a terminal of the Port of Oakland as independent truck driver continue protesting against California's new law known as AB5, in Oakland, California, U.S., July 22, 2022. REUTERS/Carlos Barria/ File Photo
WASHINGTON (Reuters) - U.S. import prices barely rose in July, extending the flow of tame inflation readings that have bolstered financial market expectations for an interest rate cut next month.
Import prices edged up 0.1% last month amid a modest rebound in the cost of energy products after being unchanged in June, the Labor Department's Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had expected import prices, which exclude tariffs, to slip 0.1%.
In the 12 months through July, import prices increased 1.6% after rising 1.5% in June. The report followed news this week of mild increases in consumer and producer prices in July, which strengthened expectations for a September 25 basis point interest rate cut from the Federal Reserve.
(Reporting by Lucia Mutikani; Editing by Christina Fincher)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Justice Department halts antitrust cooperation with Canada - report
- Exclusive-OpenAI agents hijacked German website in previously undisclosed AI breakout this spring
- Russia closes German consulate in St Petersburg after drone spat
Create E-mail Alert Related Categories
Economic Data, ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
