U.S. import prices rise in June as China goods costs hit highest monthly gain since 2008

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US import prices rise in June

Highlights

U.S. import prices rise 0.3% in June versus expectations of a 0.8% decline, with annual import price growth accelerating to 7.7%, the fastest since August 2022.
Import prices from China jump 0.9% in June, the largest monthly gain since January 2008, and up 1.3% year-on-year, signaling growing tariff and supply chain impacts.
Export prices fall 0.6% in June, the first decline since May 2025, but remain 10.2% higher year-on-year, with export prices to China down 0.2% in June yet up 7.4% annually.

June import data points to wider cost pressures

As reported by CNBC, citing the Bureau of Labor Statistics, import prices increase 0.3% in June from the prior month, defying economists surveyed by Dow Jones who expect a 0.8% decline. Annual import price growth reaches 7.7%, the largest rise since August 2022.

The data show that falling energy costs are not enough to offset broader increases elsewhere. Fuels and lubricants decline 0.4% in June after a 12.6% jump in May, while industrial and service machinery helps push overall import costs higher.

Technology-related categories also contribute to the advance, with higher prices for computers, peripherals and semiconductors. The report suggests the artificial intelligence buildout may be adding to import cost pressures in those segments.

China and export trends shape the inflation outlook

Import prices from China rise 0.9% in June, the biggest monthly increase since January 2008, in a move that may reflect tariff effects. Over 12 months, prices for goods from China increase 1.3%, the largest annual gain since the period from November 2021 to November 2022.

The report adds to evidence that inflation pressure is widening beyond oil-linked categories as businesses face rising costs across multiple inputs. Earlier in the week, the BLS reports that both consumer and wholesale prices decline, largely because easing tensions between the U.S. and Iran help pull energy prices lower.

Export prices, meanwhile, decrease 0.6% in June, the first monthly drop since May 2025. Even so, export prices are up 10.2% from a year earlier, while export prices to China fall 0.2% on the month but rise 7.4% annually.

In our earlier article on June import price data, we noted that U.S. import prices unexpectedly rose 0.3% and posted the strongest annual gain since August 2022, even as domestic producer and consumer inflation measures cooled. We explained that higher costs for capital and consumer goods kept core imported inflation elevated, while energy prices remained a swing factor as Middle East tensions threatened to reverse the recent relief from lower fuel costs.

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