The US imports about $3.3 trillion worth of goods a year currently, and so import prices matter to inflation in the US. Import prices had exploded during the first wave of inflation in 2021 through early 2023 amid the supply chain chaos and shortages at the time. Then import prices fell and gave up part of those price gains and then remained relatively flat until the beginning of this year. Over the first six months this year through June, import prices of all goods have shot up by 6.6% to a new record high. Year-over-year, they’re up by 7.1%, according to the Bureau of Labor Statistics today (import prices do not ... (full story)