US import prices unexpectedly rise in June, surging 7.1 pc YoY

WASHINGTON: The US saw an unexpected 0.3 per cent jump in import prices in June on the back of nonfuel imports, as per a statement by the US Bureau of Labor Statistics.

This price surge follows a price increase of 1.7 per cent in May and 2.1 per cent in April. On a year-on-year basis, import prices climbed 7.1 per cent in June 2026, marking the largest annual increase since a 7.7 per cent rise in August 2022, as per the release. “US import prices advanced 7.1 per cent from June 2025 to June 2026, the largest over-the-year increase since the index rose 7.7 per cent in August 2022,” it said.

It noted nonfuel import prices surged 4.2 per cent from June 2025 to June 2026, which is the largest 12-month increase since the index rose 4.6 per cent for the year ended June 2022, as per the release. “Higher prices for nonfuel imports more than offset lower prices for fuel imports in June,” it said.

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Prices for nonfuel industrial supplies and materials imports rose 1.2 per cent in June, following a 1.0 per cent increase in May. The June rise was driven by higher prices for chemicals and finished nonmetals, including boxes, belting and glass, which more than offset a decline in prices for crude major non-ferrous metals.

Furthermore, lower import petroleum prices more than offset higher natural gas prices in the US. Import prices for petroleum dropped 0.7 per cent, while natural gas prices rose 9.2 per cent during the month. Over the year to June 2026, prices for fuels and lubricants imports increased 44.1 per cent, with import petroleum prices rising 45.4 per cent and natural gas prices surging 92.9 per cent.

It further noted, “Foods, feeds, and beverages import prices decreased 0.2 percent in June following a decline of 0.3 percent in May and an increase of 0.4 per cent in April.”

At the same time, prices for US exports declined 0.6 per cent in June, after surging 1.2 per cent the previous month — marking the first monthly decline since the index fell 0.7 per cent in May 2025. “Lower prices for nonagricultural exports more than offset higher prices for agricultural exports in June. The price index for U.S. exports advanced 10.2 per cent from June 2025 to June 2026,” it said. (ANI)