US Import Prices Push Higher

US Import Prices Push Higher

Thursday 15th July 2021 – 15:10 (BST)

The cost of goods imported into the US continued to rise over June as backlogs at its ports begin to subside. A monthly increase of 1% was logged by the US Department of Labor during its most recent analysis and represents a 11.2% jump compared to June 2020.

Fuel imports contributed to the bulk of the rise, as restrictions in both supply and production due to coronavirus outbreaks are still being felt across the globe. The bullish readings will add further inflationary pressures despite the Federal Reserve’s recent commitment to its ultra-loose economic policy.

The news comes ahead of what’s traditionally the busiest shipping season in the US, running from August through October. The ports of Los Angeles and Long Beach also expect a spike in imports from China later this month following a backlog of US-bound cargo that had built up in Yantian due to the coronavirus outbreak.

Elsewhere, agricultural prices helped push the overall cost of US exports higher with the latest figures showing a 16.8% increase year-on-year.