July import price index flat vs +0.1% after.>

US DATA: July import price index flat vs +0.1% reading expected after 

-0.1% in June. Import prices ex petro -0.1% and ex all fuels -0.3%.

- Energy was a positive factor: Fuel prices +1.6%, petro prices +0.9%

- This data is unlikely to get much attention as PPI and CPI data have 

already been reported for July, but as the tariff implementation 

progresses, there may be more signs of inflation for imports and exports.                                                   

- The decline in import prices ex fuels reflected lower prices for foods 

and feeds, industrial supplies ex. fuels, and capital goods, so no 

signs of tariff-related surges. Prices of consumer goods were +0.3%, but 

auto import prices were flat. 

- Overall import prices +4.8% y/y after +4.7% in June and strongest since 

+5.1% in Feb 2012, but non-fuel imports only +1.3% y/y, suggesting that 

imported inflation remains largely energy-driven. 

- Export prices -0.5%, but were flat ex. agriculture. Agricultural 

export prices -5.3%. Overall export prices +4.3% y/y, down sharply from 

+5.3% in June. Exports ex. ag +5.0% y/y.

- Import prices from China -0.2%, while prices from Canada +0.1%, from 

Mexico -0.5% and from EU -0.1%, showing no signs of sharp price gains.