US import, export prices rise in July

US import prices increased by 0.1 per cent in July 2024, following no change in June, according to latest data released by the Bureau of Labor Statistics on Thursday.

The rise was supported by both fuel and non-fuel price hikes. Over the past year, import prices rose 1.6 per cent, the highest annual increase since late 2022.

Fuel import prices grew by 0.5 per cent, reversing June’s decline, with petroleum prices up 0.5 per cent and natural gas prices rising 4.7 per cent. However, natural gas prices fell 40.6 per cent year-on-year (YoY). Non-fuel import prices also saw a 0.1 per cent increase, driven by higher costs for food, beverages, and automotive vehicles.

US export prices also climbed 0.7 per cent in July after a 0.3 per cent drop in June. This growth was led by a 1.0 per cent rise in non-agricultural export prices, while agricultural exports fell 1.6 per cent. Over the past year, export prices increased 1.4 per cent, marking the largest annual gain since early 2023.Import prices from China were flat, while those from Japan increased by 0.1 per cent. Export prices to China fell 0.7 per cent, while export prices to the European Union (EU) rose 1.6 per cent.

Import air passenger fares dropped 11.3 per cent in July, the largest decline since August 2023. In contrast, import air freight prices surged 12.0 per cent, driven by rising costs in Asia. Export air passenger fares and air freight prices also increased, although export air passenger fares fell 4.7 per cent YoY.

Attribution: US Bureau of Labor Statistics data

Subediting: Y.Yasser