Keeping you up to date on the latest data releases.
U.S. import prices tumbled 2.7 percent in June after falling 1.2 percent in May (1.0 percent, previously). June marks the third consecutive month of declines and the largest monthly drop since December 2008. Both lower petroleum and nonpetroleum prices contributed to the overall all decrease in import prices indicating that foreign prices have the potential to exert downward pressure on domestic prices in the coming months. Petroleum prices plummeted 10.5 percent on a monthly basis—the biggest drop since December 2008—and slid 10.7 percent on a year-over-year-basis. Nonpetroleum prices fell by a more modest 0.34 percent month-over-monthly. On a year-over-year basis, nonpetroleum import prices edged down 0.17 percent marking the first decrease since December 2009. After falling 0.5 percent in May, the overall import price index continued to slide on a year-over-year basis posting 2.6 losses in June.
Export prices declined by 1.7 percent in June after falling 0.5 percent in May (0.4 percent, previously). Both agricultural prices and nonagricultural price fell, the former plunging 4.0 percent and the later declining 1.4 percent. On a year-over-year basis, export prices decreased by 2.1 percent after falling 0.2 percent last month.