In June, the prices of imported goods to the United States experienced a further decrease, marking the fifth consecutive month of declines for the first half of 2023. This comes after a significant 3.2% increase in prices last year.
According to data from the Labor Department released on Friday, import prices fell by 0.2% in June, following a revised 0.4% slide in May. Economists surveyed by The Wall Street Journal had anticipated a 0.1% decrease in prices for the month.
The decline in prices was primarily driven by nonfuel imports, as fuel import prices saw an increase of 0.8% in June, rebounding from a steep 4.3% drop the previous month. Among fuel imports, petroleum experienced a gain of 1.1%, while natural gas prices decreased by 5.6%.
Contributing to the overall 0.3% decline in nonfuel imports for June were prices for nonfuel industrial supplies and materials, consumer goods, capital goods, as well as foods, feeds, beverages, and automotive vehicles.
Compared to June of the previous year, prices for imported goods were found to be 6.1% lower.