U.S. import prices fell 0.4% in June, with export prices 0.3% higher
U.S. import prices fell 0.4% in June, with export prices 0.3% higher. The 0.6% increase in May import prices was revised up to 0.9% (April was nudged down to 0.5% from 0.6%). There was no revision to the 0.6% May export price gain (though April was bumped down to 0.5% from 0.6%). On a 12-month basis, import prices posted a 4.3% y/y pace after 4.5% y/y in May (revised from 4.3%). Export prices are up 5.3% y/y versus 4.9% y/y (revised from 4.9% y/y). For import prices, weakness was broadbased, led by a 2.6% drop in foods, beverage prices after the prior 0.4% gain. Petroleum paced dropped 0.8% after rising 7.4% in May (revised from 5.4%). Excluding petroleum, prices slipped 0.3% after edging up 0.1% previously. Industrial supplies prices were down 0.1% from 3.1% (revised from 2.5%). Import prices with China were unchanged after the prior 0.1% gain, and were off 0.3% with Canada, from 3.1% (revised from 1.9%). For exports, agricultural prices declined 1.0% after May's 1.6% gain.