June import price index -0.4% vs flat after.>

US DATA: June import price index -0.4% vs flat reading expected after 

+0.9% in May. Import prices ex petro -0.3% and ex all fuels -0.3%. 

- This data is unlikely to get much attention as PPI and CPI data have 

already been reported for June, but as the tariff implementation 

progresses, there may be more signs of inflation for both imports and 

exports. 

- The fall in import prices ex fuels reflected generally downward 

movements in the other components.

- Overall import prices +4.3% y/y after +4.5% in May, but non-fuel 

imports only +1.5% y/y, suggesting that imported inflation 

is still largely energy-driven. 

- Export prices +0.3% and were +0.4% ex. agriculture. Agricultural 

export prices -1.0%. Overall export prices +5.3% y/y, up from 

+4.9% in May. Exports ex. ag +5.4% y/y.

- Import prices from China were flat, while prices from Canada and 

Mexico both declined.