US Import Prices Drop Sharpest Since May 2025 Amid Fuel Cost Slump

US import and export prices took a dip in July, according to recent data from the Bureau of Labor Statistics. Import prices fell by 0.4% on the month after declining by 0.3% in June. This marked the sharpest drop since May 2025.

The decline was largely driven by lower fuel costs, with petroleum imports plummeting by 7.5%. Natural gas prices, however, rose by 5.3%. In contrast, non-fuel imports saw a 0.4% increase, led by higher prices for capital goods, food and beverages, and autos.

Despite the decline in July, overall import prices were still 5.9% higher year-on-year.