US import prices fell for the first time in seven months in July, helped by a strong dollar and lower fuel and nonfuel costs, while consumers’ one-year inflation outlook ebbed in August, the latest signs that price pressures may have peaked. Import prices, which exclude tariffs, fell 1.4% last month after rising 0.3% in June, the Labor Department said yesterday. That was the largest monthly drop since April 2020 and exceeded the 1.0% decline expected by economists in a Reuters poll. In the 12 months through July, import prices gained 8.8% after a 10.7% rise in June, marking the annual rate’s fourth straight monthly decline. The report followed other tentative indications earlier this week t
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