US: Climb in import prices is positive for inflation outlook - ANZ

Research Team at ANZ, notes that the US import prices rose more than expected over July, while June’s increase was also revised upward.

Key Quotes”

Import prices were up 0.1% m/m (mkt: -0.4%; last: +0.6%) or declined 3.7% y/y from -4.7% last month. Excluding petroleum, import prices were up 0.5%, led by a 3.3% climb in food prices. Given the USD was up 0.8% over the month, the climb in import prices is a positive for the inflation outlook, although domestic price momentum is still more important in this regard. Export prices were up 0.2%.

Jobless claims dropped 1k to 266k with continuing claims at 2,155k (last: 2,138k)."