US import prices rose 7.1% in June, 3rd straight month
US import prices jumped 7.1% in June compared to last year, the biggest increase since August 2022, according to the Bureau of Labor Statistics.
Most of this rise came from nonfuel imports, even though fuel prices actually dipped a bit.
The overall import price index kept climbing for the third month in a row.
Nonfuel imports up 4.2%, fuels volatile
Nonfuel imports surged 4.2% over the past year, mostly because industrial supplies like chemicals and finished nonmetals (think glass and belting) got pricier, though crude non-ferrous metals dropped.
Fuel imports were all over the place: petroleum slipped by 0.7%, but natural gas shot up by 9.2% just in June, and both saw huge yearly increases (petroleum up 45.4%, natural gas up nearly 93%).
Meanwhile, imported food and drinks continued their downward trend, falling another 0.2%.
Export prices also dipped after a brief rise last month.