US import prices fell 0.4% month over month in July 2026, marking the biggest decline since May 2025, while export prices dropped 1.3% in the same month. The import decline was driven by a 7.2% fall in fuel prices, following a 3.8% decrease in June and a 12.1% increase in May. Lower prices for petroleum and petroleum products, which fell 7.5%, more than offset a 5.3% rise in natural gas prices. Nonfuel import prices increased 0.4% in July. Despite the monthly decline, import prices were up 5.9% from July 2025, while export prices rose 8.2% over the same period. Fuel import prices increased 25.2% year over year, with petroleum and petroleum products up 26.3% and natural gas prices up 74.3%. Nonfuel import prices rose 4.5% from a year earlier, the largest annual increase since June 2022.