July import prices fell .4% m/o/m and followed a .3% drop in June, all led by the decline in energy prices. This was well below the estimate of up one tenth and the June figure was revised down from up .3% initially. Energy prices for imports by the way fell by 7.5% in July and 4.3% in June but will be reversing in the coming months and thus this is old news.
Taking out the energy influence, import prices were as expected, up .3% m/o/m in July and after a .2% gain in June. Prices ex food and fuel saw rose .3% m/o/m and now up 4.8% y/o/y. Ex petro only prices were up .3% m/o/m and by 4.5% y/o/y.
The price gains were led by capital goods, materials, paper and autos/parts. Prices were flat for consumer goods ex autos.
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