US import prices rise 0.4% in Jul 2023; export prices increase 0.7%

The July increase in import prices was driven by higher fuel prices.

This is the second monthly advance in 2023 for the price index for US imports. Despite the July rise, US import prices declined by 4.4 per cent over the past 12 months after increasing by 8.8 per cent from July 2021 to July 2022.

Imported fuel prices grew by 3.6 per cent in July after increasing by 1.9 per cent in June.

Non-fuel import prices remained unchanged in July following a 0.3-per cent decrease the previous month. Lower prices in July for non-fuel industrial supplies and materials and consumer goods offset higher prices for foods, feeds and beverages; automotive vehicles; and capital goods. Non-fuel import prices declined by 0.9 percent from July 2022 to July 2023. 

Prices for the major finished goods import categories were mixed in July.

In contrast, prices of imported consumer goods fell by 0.1 per cent in July after declining by 0.2 per cent in June. The decrease in July was driven by lower prices for non-manufactured consumer goods.  

The advance in US export prices in July was the largest monthly increase since a 1.1-per cent rise in June 2022. Higher prices in July for both agricultural and non-agricultural exports contributed to the overall advance.

Despite the July increase, US export prices fell by 7.9 per cent from July 2022 to July 2023.

The price index for agricultural exports rose 0.9 per cent in July following declines of 1.5 per cent in June and 2.3 per cent in May. The same fell by 5.8 per cent for the year ended July.  

Prices for non-agricultural exports grew by 0.6 per cent in July, after decreasing by 0.6 per cent the previous month. The July increase was the first monthly rise since February this year and the largest one-month advance since a 1.2-per cent increase in June 2022. Such prices declined by 8.2 per cent over the past year.

Prices for major finished goods export categories were mixed in July.

ALCHEMPro News Desk (DS)