US Import Prices Rise Modestly in Two Months to November

US import prices increased 0.4% over the two months through November 2025, reversing revised declines in August and September, according to delayed data from the Bureau of Labor Statistics. Separate figures for October and November were unavailable due to last fall’s federal government shutdown. Over the two-month period, nonfuel import prices rose 0.6%, while fuel import prices fell 2.5%. On a year-over-year basis, import prices edged up 0.1% in November, driven by a 0.7% increase in nonfuel imports. Higher prices for nonfuel industrial supplies and materials and capital goods more than offset lower prices for automotive vehicles and foods, feeds, and beverages. Meanwhile, fuel import prices declined 6.6% year-on-year, the steepest drop since August 2025, reflecting an 8.4% fall in petroleum prices.

Prices of goods imported to the Untied States were unchanged from the previous month in September of 2025, after a downwardly revised 0.1% increase August, and marginally lower than a 0.1% increase expected by markets, according to a delayed report by the US BLS. It was the third straight month without declines in import prices, indicating that foreign companies refrained from lower costs after tariffs by the Trump presidential administration were raised at the start of the third quarter. Prices for imports of non-fuel goods rose by 0.2%, the third increase, amid higher costs of nonfuel industrial supplies and materials and consumer goods. These offset the 1.5% drop in prices of fuel goods, tracking lower global prices for petroleum goods due to the ample supply of crude oil. From the previous year, import prices rose by 0.3%.

Prices of goods imported by the United States jumped by 0.3% from the previous month in August of 2025, extending the revised 0.2% increase from June and contrasting sharply with market expectations of a 0.1% drop. It was the sharpest increase since January, indicating that foreign companies refrained from lowering costs following the tariffs passed by President Trump administration, as the index does not include taxation on goods. Prices for non-fuel imports surged by 0.4% following the stall in the previous month, the most aggressive increase since April of 2024. Meanwhile, prices for fuel imports fell by 0.8% following the 2.5% surge in July. From the previous year, import prices were unchanged.