U.S. trade deficit soared to $62.2 billion in July

09/12/2008 | NYTimes.com

A record-high oil price propelled the U.S. trade deficit to $62.2 billion in July, the highest in 16 months. This month, the price of oil is down more than 25% from that peak price. There is reason to believe that inflation is either stagnant or slowing, as import prices exclusive of oil fell slightly this month.

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