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U.S. import prices increased 0.7% in July, while the price index for U.S. exports advanced 0.8%, the Bureau of Labor Statistics said recently.
What Happened: U.S. import prices increased for the third straight month and jumped 2.8% from April to July.
Much of this increase is being driven by rising fuel prices. Import fuel prices experienced a 6.9% increase in July and posted increases in May and June as well.
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