U.S. Import Prices Inch Up 0.1% In June, Less Than Expected

(RTTNews) - Import prices in the U.S. inched up by less than expected in the month of June, the Labor Department revealed in a report released on Thursday.

The Labor Department said import prices crept up by 0.1 percent in June after falling by a revised 0.4 percent in May.

Economists had expected import prices to rise by 0.3 percent compared to the unchanged reading originally reported for the previous month.

The report said import prices in June were down by 0.2 percent compared to the same month a year ago, matching a revised dip in May.

The monthly uptick by import prices came amid a modest increase by prices for non-fuel imports, which inched up by 0.1 percent in June after coming in unchanged in May.

Higher prices for nonfuel industrial supplies and materials and consumer goods more than offset lower prices for foods, feeds, and beverages and automotive vehicles, the Labor Department said.

Meanwhile, the report said prices for non-fuel imports slid by 0.7 percent in June after plunging by 5.0 percent in May, as lower prices for natural gas more than offset higher prices for petroleum.

The Labor Department also said export prices climbed by 0.5 percent in June after sliding by 0.6 percent in May.

Export prices were expected to come in unchanged compared to the 0.9 percent slump originally reported for the previous month.

The report said export prices in June were up by 2.8 percent compared to the same month a year ago, reflecting the largest over-the-year increase since January.

The unexpected monthly increase by export prices came as prices for agricultural exports grew by 0.8 percent in June after rising by 0.3 percent in May, and prices for non-agricultural exports climbed by 0.5 percent in June after falling by 0.7 percent in May.