Import prices year on year
- US import prices for June -0.2% versus -0.1%. Prior month -0.4% versus -0.6% previously reported
- US export prices for June -0.9% versus -0.2%. Prior month -1.9%
- U.S. import prices have declined in 5 out of the first 6 months of 2023, following a 3.2% increase in 2022.
- Over the past year, import prices have fallen by -6.1%, marking the largest 12-month drop since May 2020.
Details within the report show:
- Import fuel prices rose by 0.8% in June after a 4.3% decline in May, with rising petroleum prices offsetting lower natural gas prices.
- Despite the rise in June, import fuel prices have fallen 36.4% over the past year, the largest 12-month drop since June 2020.
- Petroleum prices increased by 1.1% in June following a 3.8% decrease in May. Over the past year, petroleum prices have fallen by 35.1%.
- Natural gas prices decreased by 5.6% in June, contributing to a 78.4% drop from January to June. Over the past 12 months, natural gas prices have fallen by 70.8%, marking the largest year-over-year drop since the series began in September 1982.
- The price index for nonfuel imports decreased by 0.4% in June, with lower prices for nonfuel industrial supplies and materials, consumer goods, capital goods, foods, feeds, beverages, and automotive vehicles contributing to the decline.
- Over the past year, prices for nonfuel imports have decreased by 1.4%.
- Prices for foods, feeds, and beverages fell by 0.3% in June, driven largely by lower prices for fish and shellfish.
- Nonfuel industrial supplies and materials prices fell by 1.1% in June.
- All major categories of finished goods imports saw price decreases in June, with the price index for consumer goods dropping by 0.3%, capital goods prices declining by 0.1%, and automotive vehicle prices falling by 0.1%.
- The price decrease for capital goods was driven by a 0.3% drop in computer prices. The decrease for automotive vehicles was due to lower prices for parts, engines, bodies, and chassis.
Good data on import-export inflation. I know the fuel/energy price declines YoY are shocking but then again the rise was also shocking. Oil has been relatively steady since November between $64 and $84. The high price in 2022 reached $130.50