US Import Prices Surge 7.1% in June, Marking Highest Annual Increase Since August 2022
US import prices rose unexpectedly in June, driven by an increase in nonfuel import costs, despite a decline in fuel prices. According to data from the US Bureau of Labor Statistics, the import price index increased by 0.3% in June, continuing a trend that began in previous months with rises of 2.1% in April and 1.7% in May. Year-over-year, import prices were up 7.1%, marking the strongest annual increase since August 2022.
Nonfuel imports were the primary factor behind the overall rise in import prices. These prices climbed 4.2% over the year leading up to June, the largest annual increase since June 2022. The Bureau noted that higher costs for nonfuel imports more than compensated for the lower prices seen in fuel imports during the same period.
Within the nonfuel category, industrial supplies and materials saw price increases for the second consecutive month. Prices rose by 1.2% in June, following a 1.0% increase in May, driven by higher costs for chemicals and finished nonmetals, such as boxes, belting, and glass. This increase offset declines in prices for major non-ferrous metals.
In contrast, fuel prices exhibited mixed trends. Petroleum import prices fell by 0.7% in June, while natural gas import prices surged by 9.2%. Despite the monthly decline in petroleum prices, the broader fuels and lubricants category remained significantly higher than a year ago, with an increase of 44.1%. Over the same period, petroleum import prices rose by 45.4%, and natural gas prices jumped by 92.9%.
The Bureau also reported a decline in prices for imported foods, feeds, and beverages, which fell by 0.2% in June after a 0.3% decrease in May. This followed a 0.4% increase in April.
While import prices increased, export prices experienced a decline. US export prices fell by 0.6% in June, following a 1.2% rise in May, marking the first monthly decrease since May 2025. The Bureau indicated that weaker nonagricultural export prices outweighed gains in agricultural exports. The price index for US exports rose by 10.2% from June 2025 to June 2026.
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