Import prices fell 0.4% in July (after -0.3% in June) but are up 5.9% over 12 months. The monthly decline came from fuel (-7.2%, the largest since May 2025; +25.2% over 12 months); excluding fuel, import prices rose 0.4% on the month and are accelerating to 4.5% over 12 months, suggesting persistent pressure from tariff policy (See Chart 2).