US import prices turn to growth in June

US import prices rose slightly in June, driven by higher non-fuel goods, as new tariffs added to concerns about rising inflationary pressures.

Import prices rose 0.1% month-on-month (MoM) in June, following a downwardly revised 0.4% decline in May, missing expectations for a 0.3% increase, according to Labor Department data released Thursday.

Compared to the previous-year period, import prices declined 0.2% year-on-year (YoY).

The monthly rise was driven by higher non-petroleum import prices, which offset a drop in fuel costs.

Export prices rose 0.5% MoM, after falling 0.6% in May.