US import prices for July
The US import/export prices for July showed:
- Import prices MoM 0.7% vs. 0.6% estimate. Prior month +1.4%
- Import prices ex petroleum 0.2% vs. 0.1% estimate. Prior month 0.3%
- Import prices YoY -3.3% vs. -3.1% estimate. Prior month revised to -3.9% from -3.8%
- Export prices MoM 0.8% vs. 0.4% estimate. Prior month revised to 1.2% from 1.4%
- Export prices YoY -4.4% vs. -4.4% last month. Prior month revised to -5.1% from -4.4%
- capital goods prices rose 0.3% after rising 0.1% June
- auto prices fell -0.2% vs. unchanged in June
- consumer prices rose 0.2% after a 0.2% gain in June
- export prices ex agricultural rose 0.7% after rising 1.2% in June
The import price data has been rebounding from the -2.6% decline in April. The last 3 months have been back above the 0.0% level.
Yesterday US CPI data surprise to the upside with 0.6% gains in the headline number and the ex food and energy. The ex food and energy year on year also was higher at 1.6% vs. 1.1%. The Fed has said they would tolerate inflation above 2% but it still remains below a lease by this measure.
