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Analysts at Nomura note that the US import prices fell 0.4% m-o-m in June as declines in both fuel and nonfuel prices lowered the aggregate index.

Key Quotes

“In particular, inflation of imported consumer goods prices excluding autos slowed on a 12-month change basis in June. In July, ex-petroleum import prices likely remained modest.”

“Recent strength in US dollars suggests that the inflation of ex-petroleum import prices will likely stay modest in the near term. In addition, considering energy prices which trended lower in July, the prices of imported petroleum and related products likely remained weak.”