Import Prices Rise in July

The price of goods imported to the United States rose in July following four declines, the Labor Department reported Tuesday.

The 0.2% gain followed a revised 0.4% drop in June that was larger than the 0.2% downturn first reported.

Economists had forecast prices would rise 0.8% in July, Bloomberg News reported.

The gain was led by a 3.2% increase in imported petroleum prices, but tempered by the biggest drop in imported automobile prices in 20 years, Bloomberg said.

U.S. export prices slipped 0.1%, matching the previous month’s decline.