US import prices declined by 0.4% month-over-month in July 2026, following a revised 0.3% drop in June and defying market expectations for a 0.1% increase. This was the largest monthly decrease since May 2025.
Fuel import prices fell 7.2%, their steepest decline since September 2024, as a 7.5% drop in petroleum and petroleum product prices more than offset a 5.3% rise in natural gas prices.
In contrast, nonfuel import prices increased by 0.4%, supported by higher prices for capital goods, foods, feeds and beverages, and automotive vehicles, parts, and engines. These gains more than compensated for lower prices of nonfuel industrial supplies and materials.
The index excludes duties, including tariffs imposed by the US administration, as well as transportation costs. On an annual basis, US import prices were up 5.9%.
