The U.S. import price index held steady month over month in July but showed a year-over-year increase that was the largest in more than six years, the U.S. Bureau of Labor Statistics said.
U.S. import prices were unchanged in July following a revised 0.1% decline in June. Prices for fuel imports advanced 1.6%, while those for nonfuel imports slipped 0.3%.
Prices for imports from China edged down 0.2% in July, marking the first monthly drop since September 2017.
Export prices fell 0.5% month over month in July following a revised 0.2% increase in June. The decline was driven by a drop in agricultural export prices.
Import prices rose 4.8% for the 12 months through July, marking the largest annual increase since February 2012.
Overall export prices were up 4.3% in the 12 months ended in July.