WASHINGTON — Import prices fell by 0.4% in June, below the flat reading expected and following a 0.9% rise in May, according to data released by the Bureau of Labor Statistics Friday.
The data suggest imported inflation growth slowed after a strong May gain, even as the threat of tariffs escalated. The data set is likely to get more attention when the full effect of the tariffs can be found in both the import and export price measures.
Overall fuel prices fell 0.7%, with petroleum prices down 0.8%, and natural gas prices down 6.0%.
Import prices were down 0.3% excluding petroleum and were down 0.3% excluding all fuels. There were declines in every category except industrial supplies outside of the energy components.
Overall import prices were up 4.3% year/year in June after a 4.5% year/year gain the previous month. Prices excluding fuels were up 1.5% year/year and prices excluding petroleum were up 1.4% year/year. Energy prices are still leading the rise for imported inflation.
By region, prices for imports from most industrialized countries were generally lower. Import prices from Canada fell 0.3%, but that was entirely due to a 3.5% decline in non-manufacturing goods. Prices for manufacturing goods from Canada rose 0.7%, and could rise further as the impact of tariffs is seen.
There were declines in import prices from most other trading partners, except the UK. Import prices from China were flat.
Total export prices rose 0.3% in June despite a 1.0% decline in agricultural export prices. Export prices excluding agriculture saw a 0.4% increase. Export prices were up 5.3% from a year earlier, up from the 4.9% year/year gain in May. Export prices excluding agriculture were up 5.4% year/year, while agricultural prices were also up 5.4% year/year.
