US import prices up 7.1% in June, highest annual gain since August 2022

US import prices rose 7.1% year-over-year in June, the largest annual gain since August 2022.

Nonfuel import prices increased, offsetting lower fuel costs during the month.

Industrial supplies and materials became more expensive, led by chemicals and finished nonmetals.

Fuel prices showed mixed movements: petroleum fell while natural gas rose.

Export prices declined in June.