WASHINGTON — Prices on goods brought into the United States climbed unexpectedly last month, with the annual pace of imported inflation reaching its highest point in nearly four years, according to new federal data released Friday.
The Labor Department’s Bureau of Labor Statistics reported that import prices rose 0.3% in June, following a downwardly revised 1.7% gain in May. The result caught economists off guard — those surveyed by Reuters had predicted a 0.7% decline, after a previously reported 1.9% increase the month before. It’s worth noting that these figures do not include tariff costs.
Looking at the bigger picture, import prices surged 7.1% over the 12 months ending in June — the largest year-over-year jump since August 2022, and up from the 6.6% annual increase recorded in May.
The June rise in import prices stood in contrast to declines seen in both producer and consumer prices during the same month, which had been credited to falling oil prices following a fragile ceasefire between the United States and Iran. That truce fell apart last week, sending oil prices to a one-month high.
Imported fuel costs dipped 0.4% in June after surging 12.6% in May, though they remain 44.1% higher than a year ago. Prices for imported food slipped 0.2%. When food and fuel are stripped out, import prices still rose 0.4% for the month and 4.6% over the past year.
A key driver of that core imported inflation was a 0.4% increase in the price of imported capital goods, reflecting robust demand for technology products as companies pour money into artificial intelligence. Imported consumer goods, excluding automobiles, rose 0.3%, while the cost of imported vehicles, parts, and engines edged down 0.1%.
