Import Costs Edge Up as Export Prices Jump
U.S. import prices increased 0.2% in January, after a similar rise in December, with higher nonfuel prices more than offsetting lower prices for fuel in January. Over the past year, import prices declined 0.1%. Meanwhile, U.S. export prices rose 0.6% in January, with both higher nonagricultural and agricultural export prices driving the increase. Over the past year, export prices advanced 2.6%.
In January, U.S. import prices for manufacturing rose 0.8% over the year, with most of the industry experiencing price declines. Primary metal manufacturing experienced the most significant over-the-year U.S. import price increase in January, surging 26.1%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which fell 14.1% from January 2025. Meanwhile, U.S. export prices for manufacturing in January advanced 4.0% over the year, with primary metal manufacturing export prices exhibiting the largest rise (43.9%).
Fuel import prices fell 2.2% over the month in January, after declining 1.1% in December. Lower prices for petroleum drove the decrease, moving down 2.7%. Furthermore, prices for fuel imports plummeted 13.4% from January 2025. Meanwhile, natural gas prices jumped 36.4% over the year.
Nonfuel import prices increased 0.5% in January, after moving up 0.2% in December. Higher prices for nonfuel industrial supplies and materials, capital goods, automotive vehicles, consumer goods and foods, feeds and beverages drove the increase. The price index for nonfuel imports grew 1.2% over the past year and has not declined on a year-over-year basis since February 2024.
After no movement in December, agricultural export prices increased 0.2% in January. Over the past 12 months, agricultural export prices advanced 2.2%. Meanwhile, nonagricultural export prices rose 0.7% in January. Higher prices for capital goods, nonagricultural industrial supplies and materials, consumer goods and automotive vehicles led the gain. Over the past year, nonagricultural export prices advanced 2.7%.