Amid the pre- and post-tariff channel-stuffing noise, July import prices surged more than expected, rising 4.8% YoY – the most since Feb 2012 – and at the same time export price growth slowed notably (from +5.3% YoY to +4.3% YoY).
Notably, however, import prices ex-Petroleum dropped 0.1% MoM (missing expectations of a 0.1% rise) – falling for the second month in a row… (Export prices fell 0.5% after rising 0.2% in June)
China exported a very modest amount of deflation in July as its import prices index dipped…
The big driver of export price growth decline was prices for U.S. farm exports dropped in July by the most in more than six years as a trade war with China heated up, Labor Department figures showed Tuesday.
Agricultural export prices fell 5.3 percent from the prior month, the biggest drop since October 2011, as soybean prices plummeted 14.1 percent.
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