In July 2025, U.S. import prices rose by 0.4% month-over-month, marking the largest monthly increase since April 2024. Prices excluding petroleum increased by 0.3%, while export prices edged up 0.1% following a 0.5% rise in June. The increase in import prices was driven by higher costs for both fuel and nonfuel imports, whereas the rise in export prices was primarily due to higher prices for nonagricultural exports. Despite the U.S. imposing a 145% tariff on Chinese goods in April 2025, the data suggests that tariffs have not had a major impact on inflation so far. Wholesale prices rebounded in July to their highest level in three years. However, concerns remain about sluggish personal consumption amid rising prices. Year-over-year comparisons show that import prices increased by 1.7% from July 2023 to July 2024 but declined by 0.2% from July 2024 to July 2025, with non-fuel imports rising by 1.3% and 0.9% respectively in those periods.