The U.S. import price index was up 3.2% in June, according to data released by the Bureau of Labor Statistics Friday.
Thomson Reuters had predicted a 2.0% increase for the imports index. The 3.2% increase in the index followed a 1.4% increase in import prices in May. Year-over-year, import prices fell 17.4%.
Excluding petroleum, the import price index grew 0.2% in the month, after a 0.1% rise in May. Excluding fuels, imports were up 0.2% in June.
Petroleum import prices jumped 20.3% in June, after a 9.3% rise in May, Labor said. In the past year, petroleum import prices have fallen 45.9%, compared to a 17.4% slide in the overall import price index and a 6.5% drop in non-petroleum imports. Meanwhile, export prices jumped 1.1%, after a 0.5% increase in May.
Agricultural exports rose 4.8%, compared to a 3.7% gain in May, while non-agricultural exports rose 0.8% after a 0.3% increase in May. Year-over-year export prices dipped 6.4%, agricultural export prices fell 12.5%, and non-agricultural prices fell 5.7%.