U.S. import prices posted their first decline in seven months in July, helped by a strong U.S. dollar and on lower costs for both fuel and nonfuel products in another sign that inflation may have peaked.
Import prices fell by a more-than-expected 1.4 percent last month after rising 0.3 percent in June, the Labor Department said on Friday. It was the largest monthly drop since April 2020. In the 12 months through July, import prices increased 8.8 percent after rising 10.7 percent in June, the fourth straight month the annual rate has fallen.
Economists polled by Reuters had forecast import prices, which exclude tariffs, would decline 1.0 percent from June….