Import price inflation oustripped exports for an 11th straight month in June in the U.S. While import inflation of 1.5% was the slowest since November, export prices rose by just 1%. Fuel and agricultural prices were the main driver, but underlying inflation also slowed. Seaborne imports increased 3%, which may also have beaten exports – at least based on Californian data. That may mean a ninth straight increase in imports, and a further rise in the trade deficit when advance data is published on July 27.