U.S. import prices rose 0.2 percent in June, after rising 1.4 percent in May, the U.S. Bureau of Labor Statistics reported. The June advance was driven by higher fuel prices which more than offset a decline in nonfuel prices. Prices for U.S. exports also increased in June, rising 0.8 percent following advances of 1.2 percent in May and 0.4 percent in April.
Prices for U.S. imports continued to trend up in June, rising 0.2 percent, after increasing 2.6 percent between February and May. That was the largest 3-month rise since import prices increased 5.8 percent between February and May 2011. Despite the recent advances, import prices remain down on a 12-month basis, falling 4.8 percent for the year ended in June.
That was the smallest over-the-year decline since the index fell 3.1 percent for the 12 months ended in November 2014.
Prices for nonfuel imports declined 0.3 percent in June following increases in each of the previous 2 months. The 0.3-percent decrease was the largest monthly drop since the index declined 0.3 percent for 6 consecutive months from July to December 2015. In June, nonfuel prices were driven down by falling prices for capital goods; foods, feeds, and beverages; consumer goods; and industrial supplies and materials. Nonfuel import prices also decreased over the past 12 months, falling 1.8 percent.