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U.S. import prices fell in July as a decline in the cost of petroleum products offset a rebound in food prices, keeping a lid on imported inflation pressures. The Labor Department said on Thursday import prices decreased 0.2 percent last month after June’s unrevised 0.1 percent gain. Economists polled by Reuters had forecast import prices falling 0.3 percent in July. In the 12 months through July, prices increased 0.8 percent. Sluggish global demand is keeping imported inflation subdued, but domestic price pressures are steadily rising.



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