US Import Prices Decline for First Time in 7 Months

US Import Prices Decline for First Time in 7 Months
Cargo shipping containers are seen at a storage yard in Carson, Calif., on March 11, 2022. Picture taken with a drone. Bing Guan/Reuters
Reuters
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U.S. import prices posted their first decline in seven months in July, helped by a strong U.S. dollar and on lower costs for both fuel and nonfuel products in another sign that inflation may have peaked.

Import prices fell by a more-than-expected 1.4 percent last month after rising 0.3 percent in June, the Labor Department said on Friday. It was the largest monthly drop since April 2020. In the 12 months through July, import prices increased 8.8 percent after rising 10.7 percent in June, the fourth straight month the annual rate has fallen.