U.S. import prices rise unexpectedly as Chinese goods costs reach 2008 high

U.S. import prices increased 0.3% in June, defying economists' expectations for a decline, according to the Bureau of Labor Statistics. The annual rate rose 7.1%, the largest yearoveryear increase since August 2022. Higher prices for goods from China were a key factor. Import prices from China climbed 0.9% in the month, the biggest monthly increase since January 2008, which the report suggested could reflect tariff effects. Costs also rose in areas tied to technology and industrial equipment, including computers, semiconductors, and machinery. The report comes as policymakers continue to weigh whether inflation is easing enough to support lower interest rates. While lower energy prices helped overall import costs in June, other categories showed that price pressures remain broad.