Trade Prices Keep Rising, Led by Fuel and Petroleum Products

U.S. import prices increased 1.9% in May, after rising 2.0% in April, with higher fuel and nonfuel prices driving the increase. Over the year, import prices advanced 6.7% in May, the largest 12-month increase since August 2022. Meanwhile, U.S. export prices stepped up 1.3% in May, driven by higher prices for nonagricultural and agricultural exports. Over the past year, export prices jumped 11.2%, the largest over-the-year increase since August 2022.

In May, U.S. import prices for manufacturing moved up 4.7% over the year, as most of the industry experienced price increases. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price increase in May, surging 57.3%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which fell 9.1% from May 2025. Meanwhile, U.S. export prices for manufacturing advanced 8.1% over the year, with petroleum and coal products manufacturing exhibiting the largest rise (40.3%).

Fuel import prices climbed 12.5% in May, after increasing 18.6% in April. Higher prices for petroleum and natural gas drove the increase, rising 13.0% and 10.4%, respectively. At the same time, fuel imports surged 45.1% from May 2025, the largest 12-month increase since August 2022.

Nonfuel import prices increased 0.8% in May, after moving up 0.6% in April. Higher prices for capital goods, nonfuel industrial supplies and materials, consumer goods and automotive vehicles, parts and engines offset lower prices for foods, feeds and beverages. The price index grew 3.7% over the past year, the largest over-the-year gain since August 2022.

After rising 1.7% in April, agricultural exports rose 1.2% in May. Over the past 12 months, agricultural exports advanced 5.5%, driven primarily by higher prices for soybeans, meat and other foods and food preparations. Meanwhile, nonagricultural exports stepped up 1.2% in May. Higher prices for nonagricultural industrial supplies and materials, capital goods, consumer goods and automotive vehicles, parts and engines drove the increase. Over the past year, nonagricultural export prices climbed 11.8%, the largest 12-month increase since July 2022.