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U.S. import prices down 4.4 percent from July 2022 to July 2023

August 18, 2023

U.S. import prices declined 4.4 percent from July 2022 to July 2023, after increasing 8.8 percent for the year ended in July 2022. Import prices for industrial supplies and materials had the largest decline (−16.5 percent) over the most recent 12-month period. Partially offsetting import price decreases, prices rose for foods, feeds, and beverages (2.7 percent), capital goods (0.8 percent), and automotive vehicles, parts and engines (1.3 percent).

12-month percent change in U.S. import prices for selected categories
Category July 2022 to July 2023 July 2021 to July 2022

All imports

-4.4 8.8

Foods, feeds, & beverages

2.7 7.3

Agricultural foods, feeds & beverages

4.4 9.1

Nonagricultural foods (fish, distilled beverages)

-4.0 0.5

Industrial supplies & materials

-16.5 23.6

Fuels & lubricants

-29.0 56.6

Paper & paper base stocks

-1.6 15.4

Materials associated with nondurable supplies & materials

-11.2 20.0

Selected building materials

-10.7 -4.4

Unfinished metals related to durable goods

-10.0 0.3

Finished metals related to durable goods

3.0 6.4

Nonmetals related to durable goods

-4.2 8.5

Capital goods

0.8 3.6

Electric generating equipment

0.5 5.8

Nonelectrical machinery

0.4 3.1

Transportation equipment excluding motor vehicles

7.8 3.8

Automotive vehicles, parts & engines

1.3 3.5

Consumer goods, excluding automotives

-0.1 2.0

Nondurables, manufactured

0.8 0.4

Durables, manufactured

-0.4 3.3

Nonmanufactured consumer goods

-6.0 9.2

The July 2022 to July 2023 decrease in prices for industrial supplies and materials followed an increase of 23.6 percent in the 12-month period ended July 2022.

Within industrial supplies and materials, prices for fuels and lubricants imports fell 29.0 percent compared with an increase of 56.6 percent for the year ended in July 2022. Other decreases over the year occurred in paper and paper base stocks (1.6 percent), materials associated with nondurable supplies and materials (11.2 percent), selected building materials (10.7 percent), unfinished metals related to durable goods (10.0 percent), and nonmetals related to durable goods (4.2 percent).

Transportation equipment excluding motor vehicles, a component of the capital goods index, recorded the largest import price increase over the year at 7.8 percent following an advance of 3.8 percent from July 2021 to July 2022.

These data are from the International Price program and are not seasonally adjusted. To learn more, see "U.S. Import and Export Price Indexes — July 2023." Also see more charts on U.S. import and export prices. Import price changes may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. import prices down 4.4 percent from July 2022 to July 2023 at https://www.bls.gov/opub/ted/2023/u-s-import-prices-down-4-4-percent-from-july-2022-to-july-2023.htm (visited April 15, 2024).

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