United States: Import Prices Record Their Largest Increase in 15 Months

The recent rebound in import prices follows a revised decrease of 0.1% in June and represents the most substantial increase since April of the previous year. This rise is largely attributed to foreign companies not yet adjusting their selling prices in response to tariffs imposed by the U.S. administration. The import price index, which excludes taxes on goods, was driven by a surge in fuel prices, which increased by 2.7% after a 0.8% rise in June. Additionally, there was a more moderate increase in prices excluding fuel, which rose by 0.3% following a decline of 0.3%. However, on a year-over-year basis, import prices have decreased by 0.2%.