June 2024 U.S. Import and Export Price Indexes — 2024-07-16

U.S. import prices were unchanged in June, after declining 0.2 percent in May, the U.S. Bureau of Labor Statistics reported today. Lower import fuel prices in June offset higher nonfuel prices. Prices for U.S. exports decreased 0.5 percent in June following a 0.7-percent drop the previous month. The price index for U.S. imports was unchanged in June, after declining 0.2 percent the previous month. The May decrease was the only 1-month decline recorded in the first half of 2024. Prices for U.S. imports advanced 1.6 percent for the year ended in June, the largest 12-month increase since a 3.2-percent rise in December 2022. (See table 1.) Fuel Imports: Import fuel prices decreased 1.0 percent in June, after increasing 0.4 percent in May. The June decline was the first 1-month drop in import fuel prices since December 2023. Lower prices for both petroleum and natural gas in June led the overall decrease in fuel prices.