July 2024 U.S. Import and Export Price Indexes — 2024-08-15

Prices for U.S. imports ticked up 0.1 percent in July, after being unchanged the previous month, the U.S. Bureau of Labor Statistics reported today. Higher nonfuel and fuel prices each contributed to the July advance. U.S. export prices increased 0.7 percent in July following a 0.3-percent decline in June. The price index for U.S. imports advanced 0.1 percent in July, after being unchanged in June and edging down 0.1 percent in May. U.S. import prices last recorded a change larger than 0.1 percent in April. Prices for U.S. imports rose 1.6 percent for the year ended in July, the largest over-the-year increase since the index advanced 3.2 percent from December 2021 to December 2022. (See table 1.) Fuel Imports: Prices for import fuels rose 0.5 percent in July following a 1.7-percent decline the previous month. Higher prices for petroleum and natural gas in July contributed to the overall increase in import fuel prices.