Business News Asia
The U.S. Bureau of Labor Statistics reported yesterday that the import price index fell 1.4% in July from the previous month, following a 0.3% increase in June.
Year on year, the import price index rose 8.8%, following a 10.7% increase in June.
The slowdown in the import price index was caused by a strong dollar and a slump in food and energy prices.
The core import price index (excluding food and energy) fell by 0.5% after declining by 0.6% in June.
Year on year, the core import price index increased by 3.8% in July.
The U.S. Labor Department also reported that the export price index fell 3.3% in July from the previous month, after rising 0.7% in June.
Year on year, the export price index rose by 13.1%, following an 18.1% increase in June.