Import Prices Keep Rising, While Export Prices Pull Back

U.S. import prices increased 0.3% in June after rising 1.7% in May, with higher nonfuel prices offsetting lower prices for fuel imports. Over the year, import prices advanced 7.1% in June, the largest 12-month increase since August 2022. Meanwhile, U.S. export prices declined 0.6% in June, driven by lower prices for nonagricultural exports. Over the past year, export prices jumped 10.2%.

In June, U.S. import prices for manufacturing moved up 5.0% over the year, as most of the industry experienced price increases. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price increase in June, surging 45.8%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which fell 4.7% from June 2025. Meanwhile, U.S. export prices for manufacturing advanced 7.7% over the year, with petroleum and coal products manufacturing exhibiting the largest rise (31.5%).

Fuel import prices decreased 0.4% in June, after increasing 12.6% in May. Lower prices for petroleum more than offset higher prices for natural gas. Import prices for petroleum declined 0.7% in June but were up 45.4% from a year prior, while imports of natural gas advanced 92.9% from June 2025.

Nonfuel import prices increased 0.4% in June, after moving up 0.7% in May. Higher prices for capital goods, nonfuel industrial supplies and materials, and consumer goods offset lower prices for automotive vehicles, parts and engines as well as foods, feeds and beverages. The price index grew 4.2% over the past year, the largest over-the-year gain since June 2022.

After rising 0.9% in May, agricultural exports ticked up 0.2% in June. Over the past 12 months, agricultural exports increased 4.6%, driven primarily by higher prices for soybeans, meat and other foods and food preparations. Meanwhile, nonagricultural exports decreased 0.7% in June. Lower prices for nonagricultural industrial supplies and materials offset higher prices for capital goods and automotive vehicles, parts and engines. Over the past year, nonagricultural export prices climbed 10.6%.