The Labor Department reported on Wednesday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.2 percent m-o-m in July, following a revised 1.1 percent m-o-m drop in June (originally a 0.9 percent m-o-m decline). Economists had expected prices to remain unchanged m-o-m last month.

According to the report, rising fuel prices (+1.8 percent m-o-m) more than offset lower nonfuel prices (-0.1 percent m-o-m).

Over the 12-month period ended in July, import prices dropped 1.8 percent, weighed down by declines in both fuel (-5.5 percent) and nonfuel (-1.3 percent) prices.

The price index for U.S. exports also went up 0.2 percent m-o-m in July, following a revised 0.6 percent m-o-m decrease in the previous month (originally a 0.7 percent m-o-m decline).

Higher agricultural (+0.4 percent m-o-m) and nonagricultural (+0.2 percent m-o-m) prices both contributed to the advance.

Over the past 12 months, the price index for exports dropped 0.9 percent, weighed down by lower prices for nonagricultural exports (-1.5 percent).