U.S. Import Costs Increase in June Contributing to Rising Inflation

The United States import price index surged by 1% in June, official data showed on Thursday.

This marked the seventh consecutive monthly increase for import prices.

Despite coming in line with market expectations, the rise in the cost of imported goods showed another element contributing to the surging inflationary pressures.

On an annual basis, import prices increased by 11.2% last month.