MW: Import prices rise 0.1%, export prices up 0.2% in July
Import prices rose 0.1% in July, marking the fifth straight month of increases, the Labor Department said Thursday.
The cost of imports is still 3.7% lower than a year ago, however.
Export prices increased 0.2% in July, the fourth monthly rise. But export prices are 3.0% lower than in July 2015.
In July, import prices rose despite a decline in fuel costs. Fuel prices were down 2.5% while all other items rose 0.3%. Imports excluding fuel also rose 0.3% in May, and the two months marked the largest monthly increase since March 2014.
The cost of fuel imports was down 22.3% compared to a year ago in July.
Higher costs of imported goods will help nudge up inflation, which has remained below levels the Federal Reserve considers healthy for years.
