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US import prices rose in July; export prices also edged higher

U.S. import prices rose 0.1% in July after a 0.2% decline in June, the Bureau of Labor Statistics said.

The monthly gain was mainly due to higher fuel prices which more than offset lower prices for nonfuel imports. The price index for fuel imports rose 0.5% in July from a revised 2.6% decline in June.

In annual terms, import prices advanced 1.5% in July.

July export prices edged up 0.4% after slipping 0.2% in June. Agricultural export prices increased 2.1% from a revised 1.4% drop in June. Year over year, export prices rose 0.4%, government data showed.