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10mo ago

US Import Prices Remain Flat in June, Offering Mixed Economic Signals

Steady import prices benefit consumers but raise questions about future inflation and economic growth.

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A US flag flies near containers stacked high on a cargo ship at the Port of Los Angeles on September 28, 2021 in Los Angeles, California. A record number of cargo ships are stuck floating and waiting off the southern California coast amid a supply chain crisis which could mean fewer gifts and toys for Christmas this year as a combination of growing volumes of cargo, Covid-19 related saftey measures and a labor shortage slow the handling and processing of cargo from each ship. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

Overview

  • Import prices were unchanged in June, following a 0.2% decline in May.
  • Lower energy prices balanced out rising food costs, keeping overall import prices flat.
  • Economists had predicted a further decline in import prices, but the static figures defied expectations.
  • While steady import prices help contain inflation, falling export prices could hinder economic growth.
  • The Federal Reserve may consider these trends when deciding on potential interest rate cuts in September.