FX.co ★ US Import Prices Unexpectedly Rise

US import prices rose 0.3% month-over-month in June 2026, slowing from a revised 1.7% increase in May but sharply defying market expectations for a 0.7% decline. Prices of imported fuel and lubricants fell 0.4%, as a temporary increase in tanker traffic from the Persian Gulf eased wholesale prices for fuel oil and refined products. Even so, the decline followed a 12.6% surge in May and an 18.9% jump in April. Excluding fuel, import prices increased 0.4%, after a 0.7% rise in the prior month, marking the seventh consecutive monthly gain. These import cost figures do not reflect the impact of the recently imposed tariff hikes by the presidential administration. On a year-over-year basis, import prices were up 7.1%, the fastest pace in nearly four years.