U.S. import prices surge 1.4% in June

The cost of goods imported into the U.S. jumped 1.4% in June to mark the second straight increase, but most of the upturn has been driven by oil prices rebounding from an 18-year low earlier in the year.

Excluding energy, import prices rose a much smaller 0.3%, the government said
Import-related inflation is also running 4% lower compared to a year earlier. The coronavirus has caused scattered shortages for some goods, but most prices have softened because of weaker demand amid a global economic slump.

The cost of imported fuel surged almost 22% in June after a revised 15.4% rise in May. The increase last month was the biggest since the government began publishing the index in 1992.

Yet the cost of imported petroleum is still 36% lower compared to one year ago, reflecting a huge drop in flying and driving.

Prices also rose in June for industrial supplies and some consumer goods.

Prices fell for food, drinks and new cars.