JUNE IMPORT PRICES UP 2.6%, PETROLEUM IMPORT PRICES UP 7.4%
The June Import Price Index rose 2.6% following a downwardly revised 2.6% increase in May.
Petroleum import prices increased 7.4% following an upwardly revised 8.9% increase in May and an upwardly revised 7.9% increase in April. Natural gas import prices, up 9.9% in June, rose for a 9th consecutive month.
Imports ex-petroleum were up 0.9% following an upwardly revised 0.7% increase in May. Industrial supply and material import prices were up 5.8% in June and are up over 50% on a yearly basis. The 12-month cumulative average for all imports prices was up 20.5% in June.
June export prices rose 1% following an upwardly revised 0.4% increase in May. Ag export prices grew 2.2% following a downwardly revised 0.2% increase in May. Ex-ag export prices were up 0.9% in June and the 12-month cumulative average for all export prices was up 8.6% in June.
The upward revisions to previous import price data will further complicate the FED’s price stability objective.