U.S. import prices decreased 0.4 percent in June, the U.S. Bureau of Labor Statistics reported today, following a 0.9-percent advance in May. Lower prices for nonfuel and fuel imports contributed to the June decline. Prices for U.S. exports rose 0.3 percent in June, after rising 0.6 percent the previous month.

Imports
All Imports: The price index for U.S. imports fell 0.4 percent in June, after increasing 0.9 percent in May and 0.5 percent in April. The June decline was the largest monthly drop since the index decreased 0.5 percent in February 2016. Despite the downturn in June, overall import prices advanced 4.3 percent between June 2017 and June 2018.

Fuel Imports: Import fuel prices decreased 0.7 percent in June, after a 6.1-percent advance in May and a 3.9-percent rise in April. Falling prices for both petroleum and natural gas contributed to the overall drop in June fuel prices. Prices for petroleum fell 0.8 percent in June following advances of 7.4 percent in May and 4.2 percent in April. Natural gas prices fell 6.0 percent in June, after a 24.7-percent drop the previous month. The price index for natural gas has not recorded a monthly increase since a 13.4-percent advance in January. Fuel prices rose 33.8 percent over the past 12 months, driven by a 37.8-percent increase in petroleum prices over the same period. In contrast, natural gas prices declined 27.8 percent over the past year, the largest 12-month drop since the index fell 34.8 percent for June 2016.

All Imports Excluding Fuel: Prices for nonfuel imports decreased 0.3 percent in June following a 0.2-percent increase in May. The June decline was led by lower prices for foods, feeds, and beverages; consumer goods; capital goods; and automotive vehicles which more than offset higher prices for nonfuel industrial supplies and materials. The price index for nonfuel imports advanced 1.5 percent for the year ended in June.

Exports
All Exports: U.S. export prices increased 0.3 percent in June, after rising 0.6 percent the previous month. In June, higher nonagricultural prices more than offset decreasing prices for agricultural exports. Prices for overall exports advanced 5.3 percent over the past 12 months, the largest over-the-year increase since the index rose 6.3 percent in October 2011.

Agricultural Exports: Agricultural export prices fell 1.0 percent in June following a 1.6-percent increase in May and a 1.1-percent decrease in April. The largest contributors to the June decline were a 2.6-percent drop in soybeans prices and a 3.1-percent decrease in corn prices. A 6.4-percent rise in fruit prices partially mitigated the overall decrease in agricultural prices. Despite the declines in June and April, export agricultural prices increased 5.4 percent over the past 12 months.

All Exports Excluding Agriculture: The price index for nonagricultural exports increased 0.4 percent in June, after advancing 0.6 percent in May. Nonagricultural prices have not recorded a 1-month decline since the index edged down 0.1 percent in October 2017. In June, rising prices for nonagricultural industrial supplies and materials and capital goods more than offset lower consumer goods and automotive vehicles prices. Overall nonagricultural prices rose 5.4 percent over the past year, the largest 12-month advance for the index since prices increased 5.8 percent in October 2011.