The U.S. Bureau of Labor Statistics (BLS) said the rise was attributed to higher fuel prices which more than offset the decline experienced in the prices of nonfuel items.
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The cost of imported goods increased for the fourth straight month in June, led again by the higher cost of fuel, adding mild upward pressure to low US inflation.
Last month’s increase in import prices was modest, and the trajectory is still uncertain. Prices for nonagricultural exports rose 0.5 percent last month. The decline was caused by falling capital goods, consumer goods, and industrial supplies and materials.
Wednesday’s report showed US export prices grew 0.8% in June from the prior month, registering the third straight monthly increase. Imported food prices tumbled 1.3 percent last month.
Last month’s increase was due entirely to higher fuel prices, which have started to recover in 2016 after plummeting a year ago. On a year-over-year basis, export prices fell 3.5%. Economists surveyed by The Wall Street Journal expected a 0.5% rise. The increase in prices was contributed to soybean and corn.
In the 12 months through June, import prices fell 4.8 per cent, the smallest drop since November 2014.
The increase was led by gains in prices for industrial supplies and material, as well as capital goods.
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Excluding fuel, the cost of imports fell 0.3% in June.
