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US Imports Surge on Nonfuel Costs Despite Oil Drop
20 Jul
Summary
- Import prices climbed 7.1% annually, the largest increase since August 2022.
- Nonfuel import prices rose 4.2% year-over-year, driving the overall increase.
- Export prices fell 0.6% monthly, but remained 10.2% higher annually.
In June, US import prices experienced a substantial 7.1% rise compared to the previous year, marking the most significant annual increase since August 2022. This upward trend was predominantly fueled by a 4.2% surge in nonfuel import costs over the 12 months ending in June.
While petroleum import prices decreased by 0.7% monthly, natural gas import prices jumped 9.2%. Despite these monthly fluctuations, overall fuel import costs remained sharply higher year-over-year, with petroleum up 45.4% and natural gas up 92.9%.
Conversely, prices for imported foods, feeds, and beverages declined for the second consecutive month. On the export side, prices fell 0.6% in June, the first monthly drop since May 2025. However, export prices remained considerably higher than the prior year, increasing by 10.2%.
