July Import Prices Up on Petroleum

Washington, DC, August 10, 2007—Import prices rose 1.5% in July, their biggest since March, followed a revised 0.9% increase in June, the according to a Labor Department report. Excluding petroleum prices rose only 0.2%.

Economists had expected an increase of 1% during the month.

Compared with a year earlier, prices of imported goods rose 2.8% in July after a 2% gain in June. Excluding petroleum, prices also increased 2.8% in the past 12 months.

The price of imported petroleum jumped 7% in July, the most since March. Prices were up 4.1% from the same time a year earlier. Prices for food and beverage rose 1.6% during the month and were up 9.8% in the 12 months ended July,

The cost of imported capital goods increased 0.2% for a second month. Prices of imported automobiles, parts and engines rose 0.1%. Costs for imported consumer goods excluding autos increased 0.1 %.