US import prices rose 0.3% in June 2026, according to figures published by the Bureau of Labor Statistics on July 17. Nonfuel imports climbed 0.4%, while fuel costs actually fell 0.4%, softening what would have otherwise been a sharper monthly print.
Here’s the thing: import prices from China jumped 0.9% in a single month, the largest monthly increase since January 2008.
What the China number actually means
The year-over-year increase in Chinese import prices reached 1.3%, the highest rate since late 2022. The overall year-over-year import price increase through June 2026 came in at 7.1%.
China’s imports from the US also surged 36% year-over-year in June, the fastest growth rate since 2021. Part of that reflects front-loading activity, where importers rush to bring goods in ahead of anticipated tariff changes. Current Section 301 duties are set to expire around July 24, 2026, with discussions ongoing about what comes next.
