U.S. import prices unexpectedly rose in July, but the underlying trend remained weak, pointing to subdued imported inflation.
The Labor Department said on Wednesday import prices increased 0.2% last month as a rebound in the cost of petroleum products offset declines in prices for capital goods and motor vehicles. Data for June was revised down to show import prices dropping 1.1% instead of falling 0.9% as previously reported.
Economists polled by Reuters had forecast import prices would be unchanged in July. In the 12 months through July, import prices dropped 1.8% after decreasing 2.0% in June.
That suggests inflation will likely remain moderate despite a broad increase in consumer prices…