July 11, 2003 (The Editor’s Desk is updated each business day.)

Import prices rise in June

The U.S. Import Price Index increased 0.8 percent in June, as increases in both petroleum and nonpetroleum import prices contributed to the rise.

[Chart data—TXT]

The petroleum index rose 4.7 percent in June after falling 5.4 percent in May and 18.7 percent in April. The price index for nonpetroleum imports also recorded a turnaround in June, increasing 0.5 percent after falling 0.3 percent in May and 1.0 percent in April. The June increase in nonpetroleum import prices was led by a 1.4-percent increase in prices for nonpetroleum industrial supplies and materials. Rising natural gas prices and a rebound in prices for unfinished metals led the increase in the nonpetroleum industrial supplies and materials price index. 

Export prices fell 0.2 percent in June, after edging up 0.1 percent in May. Both major components of exports contributed to the June decline, as prices for agricultural and nonagricultural imports fell 0.8 percent and 0.1 percent, respectively. Corn, wheat, and soybean prices all contributed to the June downturn in agricultural export prices. 

These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - June 2003" (PDF) (TXT), news release USDL 03-370.