Highlights
Import prices fell 0.7 percent in July reflecting a 2.8 percent month-to-month drop in the price of petroleum imports. But excluding petroleum, import prices are still lower, down 0.2 percent to extend a string of roughly breakeven readings that point to flat non-energy price pressures. But the year-on-year rate for non-petroleum import prices, at minus 7.3 percent, does show how much the recession has hurt pricing power.

Export prices fell 0.3 percent in the month reflecting a 4.9 percent decline in agricultural export prices. Excluding agriculture, export prices firmed 0.2 percent reflecting steady conditions across most components.

Quantitative easing has made for plenty of angst over the outlook for inflation reflected in the high price of gold and increases in commodity prices. Concern over deflation may not be over and this report does show monthly headline declines, but growing strength in many economies, including perhaps this economy, will likely make such concern fade. This report is benign, pointing to little trouble for tomorrow's report on consumer prices and next week's report on producer prices.

2009 Release Schedule

Released On: 1/14 2/18 3/13 4/9 5/13 6/12 7/10 8/13 9/11 10/14 11/13 12/11 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov