News

U.S. import prices advanced 0.1% in December, the same as the previous two months, with both higher fuel and nonfuel prices contributing to the increase. Over the past year, import prices rose 2.2%, the largest year-over-year increase since December 2022. U.S. export prices advanced 0.3% in December, after staying the same in November. Both higher agricultural and nonagricultural prices contributed to the increase. Over the past year, export prices rose 1.8%, the largest year-over-year increase since January 2023.

Fuel import prices increased 1.4% in December, after rising 0.9% in November. These increases are attributed to higher prices for natural gas and petroleum in December. Meanwhile, prices for import fuel rose 0.3% over the past year, the first over-the-year increase since July 2024. Import prices for petroleum advanced 0.3% in December, while import prices for natural gas surged 40.6% over the month.

Nonfuel import prices ticked up 0.1% for the second consecutive month in December. Nonfuel import prices have not declined on a monthly basis since May 2024, when they fell just 0.2%. Higher prices for foods, feeds and beverages and consumer goods more than offset lower prices for nonfuel industrial supplies and materials, capital goods and automotive vehicles in December. The price index for nonfuel imports increased 2.4% over the past year.

After inching up 0.1% in November, agricultural export prices advanced 0.5% in December. Over the past 12 months, agricultural export prices dropped 1.2%. Meanwhile, nonagricultural export prices increased 0.3% in December, with higher prices for nonagricultural industrial supplies and materials and automotive vehicles more than offsetting lower prices for capital goods. Over the past year, nonagricultural export prices rose 2.2%, the largest annual increase since December 2022.