As global crude prices climb and import bills swell across countries, the US has a different story to tell. Its import prices are rising too—but fuel is not the culprit. US import prices recorded an unexpected increase in June as a rise in nonfuel import costs outweighed lower fuel prices, according to data released by the US Bureau of Labor Statistics. The import price index rose 0.3% during the month, extending the upward trend seen in recent months after increases of 2.1% in April and 1.7% in May.Compared with June last year, import prices were 7.1% higher, the strongest annual rise since August 2022.“US import prices advanced 7.1% from June 2025 to June 2026, the largest over-the-year increase since the index rose 7.7% in August 2022,” the bureau said.The report showed that nonfuel imports continued to push overall import prices higher. Nonfuel import prices climbed 4.2% over the 12 months to June, the biggest annual increase since June 2022.“Higher prices for nonfuel imports more than offset lower prices for fuel imports in June,” it said.Within the nonfuel category, industrial supplies and materials became more expensive for the second straight month. Prices rose 1.2% in June after increasing 1.0% in May, supported by higher costs for chemicals and finished nonmetals, including boxes, belting and glass. These gains offset lower prices for crude major non-ferrous metals.Fuel prices, however, moved in different directions. Petroleum import prices fell 0.7% in June, while natural gas import prices increased 9.2%. Despite the monthly decline in petroleum, the broader fuels and lubricants category remained sharply higher than a year ago, rising 44.1%. Over the same period, petroleum import prices increased 45.4% and natural gas prices surged 92.9%.The bureau also reported another decline in prices for imported foods, feeds and beverages. The index fell 0.2% in June after slipping 0.3% in May, following a 0.4% increase in April.“Foods, feeds, and beverages import prices decreased 0.2 percent in June following a decline of 0.3 percent in May and an increase of 0.4% in April.”While import prices edged higher, export prices moved in the opposite direction. US export prices fell 0.6% in June after jumping 1.2% in May, marking their first monthly decline since May 2025.According to the bureau, weaker nonagricultural export prices outweighed gains in agricultural exports.“Lower prices for nonagricultural exports more than offset higher prices for agricultural exports in June. The price index for US exports advanced 10.2% from June 2025 to June 2026,” it said.
