Economic calendar: July import prices slip 0.4% as fuel falls
BLS data released August 18, 2026 showed U.S. import prices down 0.4% in July and export prices down 1.3%, though both remained well above year-ago levels.
| Index | July 2026 | June 2026 | 12 months |
|---|---|---|---|
| All imports | -0.4% | -0.3% | +5.9% |
| Fuel imports | -7.2% | n/a | +25.2% |
| Nonfuel imports | +0.4% | n/a | +4.5% |
| All exports | -1.3% | -0.7% | +8.2% |
| Agricultural exports | +1.0% | n/a | +5.7% |
| Nonagricultural exports | -1.5% | n/a | +8.5% |
The import and export price report on the August 18, 2026 economic calendar showed a second straight monthly decline in import prices, but the drop was narrow. The U.S. import price index fell 0.4% in July after a 0.3% decline in June.
Fuel did nearly all the work. Fuel import prices fell 7.2% in July, with petroleum and petroleum products down 7.5%. Nonfuel import prices went the other direction, rising 0.4% for the month. That split means the headline decline reflected a pullback in energy costs rather than broad easing in the price of imported goods.
The year-over-year comparison remained elevated. Import prices were 5.9% higher than in July 2025. Fuel import prices were up 25.2% on the year, and nonfuel import prices were up 4.5%.
Export prices fell faster, declining 1.3% in July after a 0.7% drop in June. Nonagricultural exports fell 1.5%, led by a 4.1% decline in nonagricultural industrial supplies and materials, while capital goods and automotive categories posted modest gains. Agricultural export prices rose 1.0%. Over 12 months, export prices were up 8.2%.
The export side carries its own message for the trade outlook. A 1.3% monthly decline after a 0.7% drop in June suggests that prices received by U.S. sellers abroad were cooling faster than the prices Americans paid for imports, which can weigh on export revenue even if volumes hold up. The annual gain of 8.2% for exports, compared with 5.9% for imports, still left export prices further above year-ago levels than import prices.
Import prices feed into domestic inflation through the cost of foreign inputs and finished goods, so the 0.4% rise in nonfuel import prices is the figure most relevant to underlying price pressure. A falling fuel component, by contrast, can ease costs quickly but also reverse quickly.
BLS scheduled the August report for Wednesday, September 16, 2026, at 8:30 a.m. ET. The item to watch was whether nonfuel import prices kept rising even as energy costs retreated.
Prepared with AI assistance from public sources and reviewed under our editorial policy. Not investment advice.