US Import Prices Rise the Most since 2022

US import prices rose 1.3 percent in February 2026, the most since March 2022 and more than market expectations of 0.5%. Fuel and lubricant import prices climbed 3.8 percent after falling 1.2 percent in January, led by a 2.5 percent rise in petroleum products and a 24.7 percent jump in natural gas. Nonfuel imports increased 1.1 percent, up from 0.8 percent in January, supported by higher costs for capital goods, nonfuel industrial supplies and materials, consumer goods excluding autos, foods, feeds, beverages, and automotive vehicles, parts, and engines. On an annual basis, US import prices rose 1.3 percent, the largest year-on-year gain since February 2025.

US import prices rose 0.2% from the previous month in January 2026, following a similar advance in December, as increases in non-fuel goods offset a decline in energy prices. Excluding fuels, import prices rose 0.5%, while prices excluding petroleum increased 0.5%. Gains were seen across several categories, including foods, feeds and beverages up 0.2%, industrial supplies and materials up 0.9%, automotive vehicles up 0.2%, and consumer goods up 0.1%. These increases were partly offset by a 2.2% fall in fuels, driven by a 2.7% drop in petroleum. Year-on-year, import prices decreased 0.1% in January, after remaining unchanged in December.

US import prices rose 0.1% from the previous month in December 2025, in line with expectations, as increases in non-fuel goods offset a decline in energy prices. Excluding fuels, import prices rose 0.2%, while prices excluding petroleum increased 0.4%. Gains were seen across several categories, including foods, feeds and beverages up 0.5%, industrial supplies and materials up 0.4%, automotive vehicles and parts up 0.2%, and consumer goods excluding autos up 0.4%. These increases were partly offset by a 0.8% fall in fuels and lubricants, driven by a 3.3% drop in petroleum and petroleum products. Year-on-year, import prices were unchanged in December, after a 0.1% decrease in November.