US Imported Inflation Subdued as Petroleum, Auto Prices Fall

Thursday, 14 Aug 2014 08:47 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

U.S. import prices fell in July as a decline in the cost of petroleum products offset a rebound in food prices, keeping a lid on imported inflation pressures.

The Labor Department said on Thursday import prices decreased 0.2 percent last month after June's unrevised 0.1 percent gain.

Economists polled by Reuters had forecast import prices falling 0.3 percent in July. In the 12 months through July, prices increased 0.8 percent.

Sluggish global demand is keeping imported inflation subdued, but domestic price pressures are steadily rising.

That and a gradually tightening labor market has left some economists anticipating an early interest rate increase from the Federal Reserve.

Imported petroleum prices fell 1.2 percent in July, the largest decline since November, after rising 1.1 percent the prior month. Imported food prices increased 1.0 percent. Food prices had declined 1.6 percent in June.

Import prices excluding petroleum were flat in July. Imported inflation was also dampened by a 0.8 percent fall in the price of automobiles, the largest drop since December 1992.

The Labor Department report also showed export prices were unchanged in July after falling 0.4 percent in June. In the 12 months through July, export prices rose 0.4 percent.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Dow, S&P 500 End at Records After Economic Data, Intel Outlook

Thursday, 20 Nov 2014 16:58 PM

The Dow and S&P 500 finished at record highs on Thursday as data showed growing economic strength in the U.S. and Intel  . . .

Takata Apologizes for Air Bag Flaw as Sixth Death Revealed

Thursday, 20 Nov 2014 17:29 PM

An executive for Takata Corp., the company that produced faulty air bags linked to the deaths of motorists, apologized a . . .

Barclays Forecasts Global Markets Will Rise 9 Percent in 2015

Thursday, 20 Nov 2014 13:23 PM

Stock markets worldwide will rise next year as the U.S. economy expands while Japan and Europe try to spur growth with m . . .

Most Commented
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved