US import prices fell for the second month in a row in June

The data showed that import prices in the United States fell by 0.2% in June, and data for May was revised to show that import prices decreased by 0.4% instead of 0.6%. Analysts had expected import prices to decline by 0.1% in June.

On an annual basis, import prices fell by 6.1%, which is the largest decline on an annual basis since May 2020, after declining by 5.7% in May, as import prices fell on an annual basis for five consecutive months. Prices of core imports, which exclude fuel and food, fell 0.4% in June, and on a year-over-year basis, prices of core imports fell 1.5% in June.

Export prices fell 0.9% in June, after declining by 1.9% in May. On a year-on-year basis, export prices fell 12.0% in June, the largest decline since the government began tracking the chain in September 1984, after declining by 10.2% in May.