US Import Price Growth Falls Short of Expectations

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.

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.