US import prices up 7.1% in June, highest annual gain since August 2022

The United States import price index saw a notable increase in June, rising 0.3 percent. When compared to the same period last year, prices are up 7.1 percent. This marks the most significant annual jump since August 2022.

While fuel prices have captured headlines globally, the recent shift in the U.S. data points to different drivers. Nonfuel import costs are the primary factor behind this trend, with a 4.2 percent rise over the last twelve months. This is the largest annual increase in that category since June 2022.

Inside the nonfuel sector, industrial supplies and materials saw costs rise for the second month in a row. Specifically, items such as chemicals, boxes, belting, and glass grew more expensive. These increases effectively cancelled out the lower prices seen in fuel imports for the month of June.

Contrasting this, export prices in the U.S. trended downward, falling 0.6 percent in June. This was the first monthly decline since May 2025. Data shows that lower nonagricultural export prices outweighed gains seen in agricultural sectors.