- US import prices rose 0.3% in June, exceeding expectations
- Import prices increased 7.1% annually, the largest rise since August 2022
- Nonfuel import prices rose 4.2% year-on-year, driving import cost gains
US import prices rose more than expected in June as higher costs for nonfuel goods offset lower petroleum prices, according to the latest data released by the US Bureau of Labor Statistics (BLS).
The import price index increased 0.3% in June following revised gains in April and May. On an annual basis, import prices climbed 7.1% compared with June 2025, marking the largest year-on-year increase since August 2022.
"The US import price index advanced 7.1% from June 2025 to June 2026, the largest over-the-year increase since the index rose 7.7% in August 2022," the BLS said.
Nonfuel imports drive the increase
The report showed that rising nonfuel import prices were the primary driver behind the increase in overall import costs. Nonfuel import prices rose 4.2% over the 12 months through June, the biggest annual increase since June 2022.
"Higher prices for nonfuel imports more than offset lower prices for fuel imports in June," the bureau said.
Within the category, prices for industrial supplies and materials increased 1.2% in June after rising 1.0% in May. The increase was largely driven by higher prices for chemicals and finished nonmetal products such as boxes, belting and glass, which offset lower prices for crude non-ferrous metals.
Fuel prices show mixed trend
Fuel import prices moved in different directions during June. Petroleum import prices fell 0.7% during the month, while natural gas import prices jumped 9.2%.
Despite the monthly decline in petroleum prices, fuel import costs remained sharply higher than a year earlier, with petroleum prices up 45.4%, natural gas prices surging 92.9%, and the broader fuels and lubricants category rising 44.1%.
Food import prices decline again
The BLS also reported another decline in prices for imported foods, feeds and beverages. The index fell 0.2% in June after declining 0.3% in May. It had increased 0.4% in April.
According to the bureau, food import prices have softened over the past two months after rising earlier in the quarter.
Export prices fall
On a monthly basis, US export prices fell 0.6% in June after increasing 1.2% in May, marking the first monthly decline since May 2025.
The BLS attributed the decline to lower prices for non-agricultural exports, which more than offset higher agricultural export prices.
Despite the monthly decline, export prices remained significantly higher than a year earlier, rising 10.2% between June 2025 and June 2026.
The latest data suggests that higher nonfuel import costs continued to outweigh easing petroleum prices in June, keeping overall import prices elevated even as fuel prices provided some relief during the month.
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