U.S. import prices fell for a second straight month in June as an increase in the cost of fuels was more than offset by declines elsewhere, the latest indication that inflationary pressures in the economy are abating.
Though consumer inflation remains above the Fed's 2% target, the pace of increase has slowed sharply since peaking in June 2022, giving consumers some relief.
Economists expected inflation expectations could be revised lower when the University of Michigan published its final report at end of the month. Excluding fuels and food, import prices declined 0.4%. These core import prices were unchanged in May. Core import prices decreased 1.5% on a year-on-year basis in June. They have remained subdued even as the dollar has weakened against the currencies of the United States' main trade partners this year.
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