U.S. import prices rose 0.3% in June, the Bureau of Labor Statistics reported Friday, as higher costs for nonfuel imports more than offset a 0.4% decline in fuel imports. The annual increase of 7.1% was the largest since August 2022.
Economists surveyed by Dow Jones had expected a 0.8% decline for the month, according to CNBC.
Import prices from China climbed 0.9% in June, a move the BLS identified as the biggest single-month jump in that category going back to January 2008. Over the past 12 months, prices for Chinese imports climbed 1.3%, the largest yearly gain since the period from November 2021 to November 2022.
Nonfuel imports increased 0.4% in June, driven by higher prices for nonfuel industrial supplies and materials, capital goods, and consumer goods excluding automotive products. Capital goods price increases were concentrated in computers, peripherals, and semiconductors, with industrial and service machinery also contributing to the advance. Import prices for consumer goods excluding automotive vehicles increased 0.3%, a fifth consecutive monthly gain, with apparel, footwear, and household goods leading the advance. Automotive import prices edged down 0.1%.
On the fuel side, import prices for petroleum declined 0.7% in June, while natural gas import prices rose 9.2%. Over the past year, fuels and lubricants import prices surged 44.1%.
Export prices posted their first monthly decline since May 2025, slipping 0.6% in June, according to the BLS. Agricultural export prices rose 0.2%, but nonagricultural export prices declined 0.7%, pulled down by lower prices for industrial supplies and materials. On an annual basis, U.S. export prices rose 10.2%.
The June data fit a broader pattern of rising import costs tied in part to AI infrastructure buildout. As the U.S. trade deficit surged to $77.6 billion in May, purchases of computer accessories and semiconductors pushed capital goods imports to a record $127.9 billion, with AI data center construction cited as a driver of import demand. The BLS data showed continued price pressure in that same category in June.
The BLS noted that the 7.1% annual import price gain was the largest over-the-year advance since August 2022. Nonfuel import prices rose 4.2% from June 2025 to June 2026, the largest 12-month increase since June 2022.
The BLS is scheduled to publish the July 2026 import and export price indexes on August 18.