US Import Prices Fell 0.4% in June

U.S. import prices fell the most in more than two years in June as prices for petroleum products fell and a strong dollar weighed on the costs of other goods, pointing to benign import inflation pressures.

The Labor Department said on Friday import prices dropped 0.4 percent last month, the largest decline since February 2016. Data for May was revised to show import prices increasing 0.9 percent instead of rising 0.6 percent as previously reported.

Economists had forecast import prices edging up 0.1 percent in June. In the 12 months through June, import prices increased 4.3 percent after advancing 4.5 percent in May.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.