The report from the Labor Department on Wednesday suggested inflation could remain moderate despite a broad increase in consumer prices in July, which could allow the Federal Reserve to cut interest rate further to limit the damage to the economy from trade tensions.
Import prices increased 0.2 per cent last month as a rebound in the cost of petroleum products offset declines in prices for capital goods and motor vehicles, the government said. Data for June was revised down to show import prices dropping 1.1 per cent instead of falling 0.9 per cent as previously reported.
Excluding fuels and food, import prices were unchanged last month after dropping 0.2 per cent in June. The core import prices fell 1.5 per cent in the 12 months through July.The cost of imported capital goods decreased 0.1 per cent last month after falling 0.2 per cent in June. The price of imported motor vehicles and parts declined 0.3 per cent last month.
The cost of goods imported from China dipped 0.1 per cent last month after falling 0.2 per cent in June. Prices fell 1.6 per cent in the 12 months through July, matching June's decline.
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