US Import Prices Unexpectedly Rise

Prices of goods imported into the US rose by 0.3% from the previous month in June of 2026, slowing from the revised 1.7% in May but contrasting sharply with market expectations of a 0.7% decline. Imports of fuel and lubricants fell by 0.4% as the momentary pickup in tanker volumes leaving the Persian Gulf allowed for some relief in wholesale fuel oil and refined fuel costs. The slight drop compared to a 12.6% surge in May and an 18.9% jump in April. In turn, non-fuel import prices rose by 0.4%, extending the 0.7% increase in the previous month to mark a seventh consecutive period of higher prices. The increase in import costs do not include tariffs that have recently been raised by the presidential administration. From the previous month, import prices rose by 7.1%, the highest in nearly four years.

US import prices rose 1.9% from the previous month in May of 2026, extending the upwardly revised 2% increase from the earlier period, which was the fastest rise in four years, and well above market expectations of a 1% increase. Imports of fuel and lubricants surged by 12.5% from the previous month as the war in the Middle East continued to prevent energy exports from Persian Gulf countries, lifting oil and product prices across the globe. Meanwhile, nonfuel import prices rose by 0.8% with increases for capital good, nonfuel industrial supplies and materials, consumer goods excluding automotives, and automotive vehicles, parts, and engines. The gauge excludes tariffs that US importers must pay, which increased since the series of measures passed by the presidential administration, to signal that producers are passing on price hikes to consumers. Import prices surged by 6.7% from the previous year, the most in over three years.

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.