Import prices in US remain unchanged, exports see 0.5 percent decline last month
Date
7/17/2024 3:56:51 AM
(MENAFN) According to data released on Tuesday by the labor Department's Bureau of Labor Statistics, US import prices remained stable in June, while export prices experienced a decline of 0.5 percent.
Analysts had anticipated a slight monthly increase in import prices of 0.2 percent, but the revised figure for May showed a decrease of 0.2 percent, adjusted from an earlier estimate of a 0.4 percent drop. The agency noted that the May decline was the only one-month decrease recorded during the first half of 2024, attributing the stability in June to lower import fuel prices that offset increases in nonfuel prices. On a year-over-year basis, import prices in June rose by 1.6 percent, marking the most significant annual gain since December 2022.
In contrast, export prices fell by 0.5 percent in June compared to the previous month. This decline was more significant than the expected drop of 0.1 percent, and the revised figure for May indicated a 0.7 percent decrease, adjusted from a previous estimate of a 0.6 percent decline.
The agency pointed out that the drops in June and May were the first one-month decreases since December 2023. The declines were primarily driven by lower prices for nonagricultural exports, which outweighed the increases in agricultural prices during these months. Nevertheless, on an annual basis, US export prices were still up by 0.7 percent in June compared to the same month last year, indicating some resilience in export pricing despite recent monthly fluctuations.
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