US import prices unchanged, export prices fall 0.5% in June

By Ovunc Kutlu

ISTANBUL (AA) - US import prices remained unchanged but export prices declined 0.5% in June, according to data released Tuesday by the Labor Department's Bureau of Labor Statistics.

The estimate for import prices was to show a monthly gain of 0.2%, while the figure for May was revised to indicate a decline of 0.2% from a decrease of 0.4%.

"The May decrease was the only 1-month decline recorded in the first half of 2024," the agency said in a statement. "Lower import fuel prices in June offset higher nonfuel prices."

Import prices in June increased 1.6% from the same month last year, posting the largest year-on-year gain since December 2022.

Export prices, meanwhile, fell 0.5% in June, compared to the previous month.

The expectation was to show a decline of 0.1%, while the figure for May was revised to a fall of 0.7% from a decrease of 0.6%.

"The June and May drops were the first 1-month decreases since December 2023," said the statement. "Lower prices for nonagricultural exports in both months more than offset higher agricultural prices."

Annually, however, prices for US exports were up 0.7% in June, compared to the same month last year.