U.S. Import Prices Rise 0.3% in June as Export Prices Fall 0.6%, BLS Reports

U.S. import prices continued their upward trajectory in June, although at a slower pace than in the previous two months, while export prices recorded their first monthly decline in more than a year, according to data released Friday by the U.S. Bureau of Labor Statistics (BLS). The U.S. Import Price Index rose 0.3 percent in June , following increases of 1.7 percent in May and 2.1 percent in April . Compared with a year earlier, import prices were 7.1 percent higher , marking the largest annual increase since August 2022 , when prices rose 7.7 percent . By contrast, U.S. export prices fell 0.6 percent in June , reversing a 1.2 percent increase in May . Despite the monthly decline, export prices remained 10.2 percent above their level in June 2025. The report suggests that while imported goods continued to become more expensive, easing fuel costs tempered the overall increase. On the export side, falling prices for industrial commodities outweighed gains in agricultural products and manufactured goods. Nonfuel Imports Offset Decline in Energy Costs Fuel import prices declined 0.4 percent in June after surging 12.6 percent in May. The decrease was driven primarily by a 0.7 percent drop in imported petroleum prices, although natural gas import prices increased 9.2 percent during the month. Despite June’s decline, fuel costs remain substantially higher than a year ago. Prices for imported fuels and lubricants have climbed 44.1 percent over the past 12 months, while petroleum prices have risen 45.4 percent and imported natural gas prices have surged 92.9 percent . Excluding fuel, import prices increased 0.4 percent in June following a 0.7 percent rise in May. Nonfuel import prices were 4.2 percent higher than a year earlier, the strongest annual increase since June 2022 . The BLS said higher prices for nonfuel industrial supplies and materials, capital goods, and consumer goods excluding automobiles more than offset declines in automotive products and food-related imports. Industrial Materials and Technology Products Become More Expensive Import prices for nonfuel industrial supplies and materials rose 1.2 percent in June after increasing 1.0 percent the previous month. Higher prices for chemicals and finished nonmetal products outweighed lower prices for crude nonferrous metals. Among finished goods, import prices for capital goods increased 0.4 percent , led by higher prices for computers, semiconductors, industrial machinery, and scientific and medical equipment. Consumer goods excluding automobiles rose 0.3 percent , marking the fifth consecutive monthly increase , supported by higher prices for apparel, footwear, and household goods. Meanwhile, import prices for automotive vehicles, parts, and engines edged down 0.1 percent . Food, feed, and beverage import prices declined 0.2 percent , following a 0.3 percent decrease in May. Lower vegetable prices and declines in other food preparations outweighed increases in fruit, food oils, oilseeds, and meat. Export Prices Fall as Industrial Commodities Weaken The decline in export prices reflected weaker prices for nonagricultural products. Prices for nonagricultural exports fell 0.7 percent in June after rising 1.2 percent in May and 3.7 percent in April. The decrease was largely attributed to lower prices for petroleum and nonferrous metals, which pushed nonagricultural industrial supplies and materials down 2.1 percent . Agricultural exports moved in the opposite direction. Agricultural export prices increased 0.2 percent , extending a streak without a monthly decline since December 2025 . Higher prices for other food preparations and nuts offset lower soybean and corn prices. Compared with a year earlier, agricultural export prices increased 4.6 percent , while nonagricultural export prices advanced 10.6 percent . Among finished goods, export capital goods prices rose 0.6 percent , supported by higher prices for computers, semiconductors, and civilian aircraft and related parts. Export consumer goods excluding automobiles increased 0.3 percent , while automotive exports edged up 0.1 percent . China Records Sharpest Monthly Increase in Import Prices Since 2008 Trade price movements varied significantly by country. Import prices from China increased 0.9 percent in June, matching the largest monthly increase since January 2008 . Over the past 12 months, prices for imports from China rose 1.3 percent , the largest annual increase since late 2022. Import prices from Japan declined 0.6 percent , while prices from Mexico ticked up 0.1 percent . Import prices from Canada increased 1.2 percent , whereas prices from the European Union edged down 0.1 percent , marking their first monthly decline since June 2025 . On the export side, prices for goods shipped to China fell 0.2 percent , although they remained 7.4 percent higher than a year earlier. Export prices to Japan increased 0.6 percent and were 9.7 percent above year-earlier levels. Exports to the European Union declined 1.4 percent , while prices for exports to Mexico edged down 0.1 percent . Exports to Canada increased 2.0 percent during the month. U.S. Terms of Trade Mixed Across Major Trading Partners The BLS also reported mixed changes in U.S. terms of trade, which measure the purchasing power of exports relative to imports. The U.S. terms of trade index with China fell 1.1 percent in June after increasing 0.9 percent in May, marking the largest monthly decline since June 2025 . The index increased 1.1 percent with Japan , declined 1.3 percent with the European Union , rose 0.7 percent with Canada , and slipped 0.1 percent with Mexico . Air Passenger Fares and Air Freight Continue Rising Prices for imported transportation services remained elevated. Import air passenger fares rose 12.6 percent in June following an 11.3 percent increase in May, marking the largest monthly gain since September 2025 . Compared with a year earlier, import air passenger fares were 12.5 percent higher. Import air freight prices increased 1.9 percent after jumping 19.1 percent in May and were 33.8 percent above June 2025 levels, representing the largest annual increase since November 2021 . Export air passenger fares rose 3.5 percent in June after declining 3.3 percent the previous month, although they remained 0.2 percent below year-earlier levels. Export air freight prices fell 3.6 percent , the largest monthly decline since December 2024 , but were still 8.8 percent higher than a year earlier. The Bureau of Labor Statistics said the next U.S. Import and Export Price Indexes report, covering July 2026 , is scheduled for release on Tuesday, August 18, 2026, at 8:30 a.m. ET .