US Import Prices Hit Highest Annual Growth Since 2022

The United States Bureau of Labor Statistics reported that import prices rose 0.3% in June 2026, contributing to a 7.1% annual growth rate. This represents the largest year-over-year increase since August 2022. The uptick reversed a 0.1% decline seen in May and followed significant gains in April and May.

Growth was primarily driven by higher costs for capital goods, consumer goods, and industrial supplies, with strong demand for AI-related technology products playing a major role. Industrial supplies and materials increased 1.2% in June due to rising costs for chemicals and finished nonmetals like glass and belting. Prices for imports from China specifically saw a 0.9% increase, the sharpest monthly jump since January 2008. These nonfuel import costs rose 4.2% annually, offsetting a 0.4% decline in imported fuel prices.

Export prices showed a different trend, falling 0.6% in June despite remaining 10.2% higher than the previous year. Other reports noted a more modest 0.2% increase in export prices for the month. Economist Grace Zwemmer noted that the June data did not yet capture subsequent falls in oil prices or the effects of a strengthening US dollar, both of which are expected to provide relief in future reports.