Import prices were up and export prices were down for June, according to a Labor Department report (link opens as PDF) released today.
Import prices increased 0.1% for June after growing 0.3% in May. While rising import prices can be a drain on an economy, June's slight increase isn't alarming and fell well short of analysts' 0.4% expectations. According to the report, higher fuel prices were to blame for both May and June's increase . Import fuel prices grew 1.2%, while non-fuel import prices actually fell 0.1%.
After increasing 0.1% in May, export prices fell 0.4% in June, clocking in well below analysts' expectations of a 0.2% bump. Agricultural prices fell 1.8% for the largest drop since August 2013, while prices for nonagricultural exports declined 0.3%.
On a regional basis, import prices from Japan and China remained steady, while more expensive fuel helped push Canada import prices up 0.6%.