Price of US imports grows faster than exports in July

The rate of increase in the price of imported goods to the US accelerated in the year to July, with the import price index hitting 1.0 per cent. This was up from the 0.2 per cent the month before but missed expectations of a 1.5 per cent increase.

Meanwhile, the rate of price increases in goods exported from the US decreased in the period, rising 0.4 per cent, following 0.8 per cent growth the month before.

Month-on-month, the import price index rose 0.2 per cent (following a 0.2 per cent fall the month before) and the export price fell 0.1 per cent (equal to the month before).