US import prices fell by 0.4% month-over-month in July 2026, following a revised 0.3% decrease in June and contrasting with market forecasts of a 0.1% increase. This marked the largest monthly decline since May 2025. Import fuel prices fell 7.2% in July, following declines of 3.8% in June and 12.1% in May, marking the largest monthly drop since September 2024. The decline was driven by a 7.5% fall in petroleum and petroleum product prices, which more than offset a 5.3% rise in natural gas prices. On a yearly basis, US import prices rose by 5.9%.