Import Prices Rise Again

Monthly Import Prices Increase Again In June, But Appear To Be Leveling Off

The Import Price Report for June shows that import prices increased slightly - a 0.3 percent increase. However, import prices remain elevated, mainly due to the rise in fuel costs as a result of the war in Iran.

Import prices began to rise sharply in February, coinciding with the beginning of the airstrikes targeting high-ranking officials in Iran. Shortly thereafter, Iran closed the Strait of Hormuz, greatly affecting the supply of oil throughout the world. The effect of this has been a rapid increase in fuel costs around the world as well as shortages in some places.

The report this month reveals that fuel import prices - which contribute to overall import prices - have since stabilized. Overall import prices have risen by 7.1 percent since last year, and fuel import prices have risen by 44.1 percent during that same time.

Regionally, there is great variability in price changes. Import prices from China increased by 0.9 percent. Import prices from Canada increased by 1.2 percent, but import prices from Japan fell 0.6 percent.

Agricultural import prices fell by 2 percent from last year, but prices of manufactured goods rose by about 5 percent during that same time. Goods related to metal and petroleum products saw the highest price increases.