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U.S. import prices increased 0.4% in July, after slipping 0.1% in June, with both higher nonfuel and fuel prices driving the increase. Over the past year, import prices decreased 0.2%. Meanwhile, U.S. export prices ticked up 0.1% in July, with nonagricultural export prices driving the increase. Over the past year, export prices increased 2.2%.

In July, U.S. import prices for manufacturing rose just 0.2% over the year, but with significant divergences in prices across the industry. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price declines in July, falling 12.9%. On the other hand, the greatest yearly increase in U.S. import prices occurred in primary metal manufacturing, which rose 10.0% from July 2024. Meanwhile, U.S. export prices for manufacturing in July increased 2.8% over the year, with primary metal manufacturing export prices exhibiting the largest rise (26.3%).

Fuel import prices rose 2.7% over the month in July, following a 0.8% increase in June and a 5.0% decline in May. Higher prices for petroleum and natural gas drove the increase, rising 2.4% and 4.7%, respectively. Despite the over-the-month increase, prices for fuel imports plummeted 12.1% from July 2024. Import prices for petroleum fell 13.7% from last year. Meanwhile, natural gas prices jumped 62.2% over the year.

Nonfuel import prices increased 0.3% in July, following a 0.3% decrease in June. Higher prices for nonfuel industrial supplies and materials, consumer goods and capital goods more than offset lower prices for automotive vehicles and foods, feeds and beverages. The price index for nonfuel imports grew 0.9% over the past year and has not declined on a year-over-year basis since February 2024.

After rising 0.8% in June, agricultural export prices stayed the same in July. Over the past 12 months, agricultural export prices increased 3.4%. Meanwhile, nonagricultural export prices inched up 0.1% in July. Higher prices for capital goods, consumer goods and automotive vehicles more than offset lower prices for nonagricultural industrial supplies and materials. Over the past year, nonagricultural export prices advanced 2.0%.