US import, export prices fall month-on-month in July

US import prices decreased 0.4% in July, while export prices dropped 1.3% on a monthly basis, the Bureau of Labor Statistics reported Tuesday.

Despite the monthly decline, prices for US imports increased 5.9% from July 2025 to July 2026, the government agency noted, adding that export prices soared 8.2%.

The bureau said prices for imported fuel fell 7.2% in July, following a decrease of 3.8% in June and an increase of 12.1% in May.

"Lower prices for petroleum and petroleum products more than offset higher prices for natural gas," it said, adding that prices for imported petroleum and petroleum products fell 7.5% and imported natural gas prices advanced 5.3%.

From July 2025 to July 2026, fuel prices increased 25.2%. Over the same period, the price index for petroleum and petroleum products advanced 26.3%, and prices for natural gas increased 74.3%.

Prices for nonfuel imports increased 0.4% in July on a monthly basis. From July 2025 to July 2026, nonfuel import prices rose 4.5%, the largest over-the-year advance since June 2022.