U.S. import prices decline 10 percent over the year

July 16, 2015

Import prices decreased 10.0 percent from June 2014 to June 2015. Import prices have not increased over the year since a 0.9-percent increase for the year ended July 2014.

Percent change in U.S. import price indexes by category, June 2014 to June 2015
Category Relative importance 12-month percent change

Agricultural foods, feeds & beverages, excluding distilled beverages

4.613 0.9

Nonagricultural foods (fish, distilled beverages)

1.299 -5.0

Fuels & lubricants

11.98 -40.7

Paper & paper base stocks

0.588 -2.9

Materials associated with nondurable supplies & materials

4.954 -5.7

Selected building materials

1.176 -3.5

Unfinished metals related to durable goods

3.312 -13.5

Finished metals related to durable goods

1.69 -3.1

Nonmetals related to durable goods

1.663 -2.0

Electric generating equipment

3.315 -1.5

Nonelectrical machinery

21.509 -2.0

Transportation equipment excluding motor vehicles

2.4 0.8

Automotive vehicles, parts & engines

15.137 -2.0

Nondurables, manufactured

12.56 0.5

Durables, manufactured

12.338 -2.0

Nonmanufactured consumer goods

1.463 -2.3

The import price index for fuels and lubricants (which makes up 12.0 percent of imports) declined 40.7 percent from June 2014 to June 2015. Over that period, petroleum prices decreased 41.3 percent and prices for natural gas declined 42.7 percent. 

In June 2015, prices for nonfuel imports declined 2.3 percent over the year. The decrease was led by a 6.7-percent drop in prices for nonfuel industrial supplies and materials (13.4 percent of imports). Price indexes for capital goods (27.2 percent of imports) such as electrical generating equipment (−1.5 percent) and nonelectrical machinery (−2.0 percent); consumer goods (26.4 percent of imports) such as manufactured durables (−2.0 percent); automotive vehicles (−2.0 percent); and foods, feeds, and beverages also declined over the year. 

These data are from the International Price program. Import and export prices are subject to revision. To learn more, see “U.S. Import and Export Price Indexes — June 2015” (HTML) (PDF).   

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. import prices decline 10 percent over the year on the Internet at https://www.bls.gov/opub/ted/2015/u-s-import-prices-decline-10-percent-over-the-year.htm (visited September 15, 2019).

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