Import Price Deceleration Continues
- Falling for the fourth straight month, total import prices edged lower in July on broad based weakness. Imported petroleum product prices were down 1.6 percent, while industrial supplies and foods/beverages were down 1.4 percent and 1.2 percent, respectively.
- Year-over-year, import prices are down 3.2 percent, the biggest drop since October, 2009.
Outlook Remains the Same
- Import prices from China have fallen in four of the past five months. Weakness was also seen from Canada and the EU.
- In regard to the broader outlook, not much has changed. Economic concerns continue to weigh on growth prospects. The stronger U.S. dollar, combined with easing price pressures from all four corners of the world, point to continued moderation in import price inflation for the remainder of the year.