Import Prices Up 2.6%; Export Prices Rise 1.0%

The U.S. import price index was up 2.6% in June, according to data released by the Bureau of Labor Statistics Friday.

IFR Markets had predicted a 1.8% increase for the imports index. The 2.6% increase in the index followed a revised 2.6% increase in import prices in April, originally reported as a 2.3% increase.

Excluding petroleum, the import price index rose 0.9% in the month, after a revised 0.7% rise in May. Excluding fuels, imports were up 0.8% in the month.

Petroleum import prices spiked 7.4% in June after a revised 8.9% jump in May, originally reported as a 7.8% increase, Labor said. In the past year, petroleum import prices have soared 78.6%, compared to a 20.5% climb in the overall import price index and a 6.6% rise in non-petroleum imports, Labor said.

Meanwhile, export prices rose 1.0%, after a 0.4% increase in May.

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