U.S. Import and Export Prices Climb Higher in September
U.S. import prices increased 1.1% in September, after rising 0.5% in August, driven by higher fuel and nonfuel import prices. Over the year, import prices jumped 8.1%, the largest annual gain since July 2022. Meanwhile, U.S. export prices rose 2.2% in September, led by higher prices for both agricultural and nonagricultural exports. Over the past year, export prices climbed 11.6%.
In September, U.S. import prices for manufacturing climbed 6.6% over the year, with all subsectors experiencing price increases. Petroleum and coal products manufacturing recorded the largest over-the-year import price increase, surging 50.6%. On the other hand, import prices for electrical equipment, appliance and component manufacturing ticked up just 0.5% from September 2025. Meanwhile, U.S. export prices for manufacturing advanced 9.0% over the year, with petroleum and coal products manufacturing exhibiting the largest rise (48.8%).
Fuel import prices rose 4.8% in September, after edging down 0.2% in August. Higher prices for petroleum and petroleum products as well as natural gas drove the gain. Import prices for natural gas rose 1.6% from August and 96.5% from the year prior, while prices for petroleum and petroleum products advanced 4.6% in September and 35.4% from September 2025.
Nonfuel imports increased 0.7% in September, after rising 0.6% in August. Higher prices for capital goods, nonfuel industrial supplies and materials, consumer goods and automotive vehicles, parts and engines drove the gain. The price index for nonfuel imports grew 6.0% over the past year, the largest over-the-year increase since April 2022.
After stepping up 0.4% in August, agricultural exports rose 2.6% in September, the largest monthly increase since November 2022. Over the past 12 months, agricultural exports advanced 9.0%, driven primarily by higher prices for soybeans, corn, oilseeds and food oils. At the same time, nonagricultural exports increased 2.1% in September. 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 exports climbed 11.8%.
