US import prices experienced their largest annual increase since August 2022, rising 7.1% from June 2025 to June 2026, according to the latest data released by the US Bureau of Labor Statistics. The monthly import price index also rose 0.3% during June, exceeding economists' forecasts for a 0.7% decline. This represents the strongest annual rise in import prices since the index recorded a 7.7% increase in August 2022. The Bureau of Labor Statistics noted that higher nonfuel import prices more than offset lower prices for fuel imports in June, with the import price index advancing 7.1% from June 2025 to June 2026.
Nonfuel imports emerged as the primary driver of the price surge, with nonfuel import prices climbing 4.2% over the 12 months to June, marking the biggest annual increase since June 2022. Within the nonfuel category, industrial supplies and materials became more expensive for the second straight month, with prices rising 1.2% in June after increasing 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. Excluding food and fuels, import prices increased 0.4% after advancing 0.8% in the previous period.
Imported fuel prices showed mixed trends during June, with petroleum import prices falling 0.7% 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%. Imported food prices eased 0.2% during the month, continuing the softening trend after declining 0.3% in May. The BLS reported that food import prices have softened over the past two months after rising earlier in the quarter, with the index having increased 0.4% in April.
US export prices fell 0.6% in June after increasing 1.2% in May, marking the first monthly decline since May 2025. The Bureau of Labor Statistics 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 so-called core imported inflation increased 4.6% in the 12 months through June, driven primarily by strong demand for technology products as businesses ramp up investment in artificial intelligence. Imported capital goods prices rose 0.4% during the period, reflecting this technological investment trend.
