12 August 2005, 17:01  U.S. July import prices up 1.1% on oil

With oil prices surging again, prices of imports into the United States rose 1.1% in July, the Labor Department reported Friday. Excluding the 6.6% increase in petroleum prices, import prices fell 0.1% in July, the third consecutive decline. Excluding all fuels, import prices fell 0.3%, the largest decline in the 3 1/2-year history of the index. The import price index shows no pressure on U.S. inflation outside of the energy sector. Economists expected import prices to rise 0.7% in July, according to a survey conducted by MarketWatch. Prices of exports from the United States, meanwhile, rose 0.1%, despite agricultural export prices falling 0.2%.

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