US Import Price Growth Falls Short of Expectations

US import prices rose 1.9% month-over-month in April 2026, the most since March 2022 and well above market expectations for a 1% increase, following gains of 0.9% in March and 1% in February. The rise was largely driven by a sharp jump in fuel and lubricant prices, which climbed 16.3% after increasing 10% the previous month. It marked the biggest monthly advance since March 2022. Petroleum and petroleum product prices surged 19% as the war in Iran drove crude oil prices sharply higher, more than offsetting a 22.1% decline in import natural gas prices. Nonfuel import prices also increased 0.8% in April after a 0.2% rise in March, supported by higher costs for capital goods, industrial supplies, consumer goods and food products, while automotive prices declined. On an annual basis, US import prices advanced 4.2% from April 2025 to April 2026, matching the strongest yearly increase since October 2022.

US import prices increased by 0.8% month-over-month in March 2026, following a downwardly revised 0.9% rise in February and missing market forecasts of a 2% surge. Fuel and lubricant prices jumped 2.9%, the largest increase since January 2025, driven by higher petroleum costs that outweighed lower natural gas prices. Nonfuel import prices also climbed 0.6% in March, after a 0.8% rise in February, supported by increases in nonfuel industrial supplies, capital goods, consumer goods (excluding autos), and foods, feeds, and beverages. On an annual basis, US import prices advanced 2.1% in March, marking the strongest year-over-year gain since December 2024.

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.