US July import costs -0.4% vs +0.1% anticipated

• Prior import prices +0.3% (revised to -0.3%)
• Export prices -1.3% vs +0.2% expected
• Prior export prices -0.6% (revised to -0.7%)

US import prices continued to decline in July, falling 0.4% m/m after a 0.3% drop in June. The decline was driven primarily by lower fuel import prices, which more than offset an increase in prices for nonfuel imports.

July’s decline was the largest monthly drop in import prices since May 2025, when the index fell 0.5%. Despite the recent monthly declines, import prices remained elevated on an annual basis, rising 5.9% from July 2025 to July 2026.

The latest data suggest that falling energy costs are beginning to provide some relief to import price pressures, although the strong y/y increase indicates that imported goods remain significantly more expensive than a year ago.

Meanwhile, US export prices fell 1.3% in July, following a 0.7% decline in June. The sharper decline in export prices points to a broader easing in price pressures across international trade.

Lower import prices, particularly for fuel, could reduce some cost pressures for US consumers and businesses, but the sizable annual increase in import prices shows that underlying external price pressures remain elevated.