U.S. import prices recorded no change, while export prices decreased 0.5 percent in July, the U.S. Department of Labor reported on Tuesday.

Prices for all imports recorded no change in July following a 0.1-percent fall in June and a 0.9-percent rise in May. Import prices increased 4.8 percent for the year ended in July, the largest 12-month advance since the index rose 5.1 percent in February 2012.

Prices for import fuel advanced 1.6 percent in July following a 1.3-percent increase in June and a 6.5-percent rise in May. In July, increasing prices for petroleum and natural gas contributed to the rise in fuel prices.

Prices for nonfuel imports decreased 0.3 percent for the second consecutive month in July. Despite the recent declines, nonfuel import prices rose 1.3 percent for the year ended in July. The 12-month advance was largely driven by higher nonfuel industrial supplies and materials prices.

Prices for all export declined 0.5 percent in July following a 0.2-percent rise in June. The July drop was the first monthly decrease since June 2017 and the largest since the index fell in May 2017.

Overall export prices advanced 4.3 percent over the past 12 months.

Prices for agricultural exports fell 5.3 percent in July, after decreasing 1.0 percent in June and rising 1.6 percent in May. The fall in July was the largest monthly decline since the index decreased 6.5 percent in October 2011.

A 14.1-percent drop in soybean prices was the primary contributor to the decline in agricultural prices.

Agricultural export prices decreased 2.0 percent over the past year, the first 12-month drop since the index fell 1.8 percent in July 2017.

Prices for nonagricultural exports recorded no change in July following a 0.4-percent rise in June. Overall nonagricultural prices increased 5.0 percent over the past 12 months.