July 2020 U.S. Import and Export Price Indexes — 2020-08-13

U.S. import prices increased 0.7 percent in July, the U.S. Bureau of Labor Statistics reported today, following a 1.4-percent advance in June and a 0.7-percent rise in May. The increases for all 3 months were primarily driven by higher fuel prices. The price index for U.S. exports advanced 0.8 percent in July, after rising 1.2 percent the previous month. U.S. import prices rose for the third consecutive month in July, increasing 0.7 percent for the month and 2.8 percent from April to July, the largest 3-month advance since May 2011. The July advance was led by rising fuel prices; nonfuel prices also contributed to the increase. Despite the advance over the past 3 months, the price index for U.S. imports declined 3.3 percent over the past year.