Import Prices Rise 0.3% in July

The price of goods imported to the United States rose 0.3% in July following the first decline in a year, the Labor Department said Tuesday.

The increase, which followed a 0.6% drop in June, was a steeper increase than the 0.1% forecast by economists, Bloomberg reported.

Import prices were up 14% from a year ago, the largest 12-month gain since the period ending in August 2008, Bloomberg said.

Petroleum import prices rose 0.6% from June and are up about 50% from a year ago. Prices excluding fuel rose 0.2%.

U.S. export prices fell 0.4%, the first decline in a year, following a 0.1% gain in June.