After reporting decreases in import prices in each of the four previous months, the Labor Department released a report on Tuesday showing a modest increase in import prices in the month of July.

The report said import prices rose by 0.2 percent in July following a revised 0.4 percent decrease in June. However, the price growth fell well short of economist estimates for a 0.9 percent increase.

The Labor Department also said export prices edged down by 0.1 percent in July, matching the drop seen in the previous month. Economists had expected export prices to rise by 0.2 percent.