Input Stories

U.S. import prices advanced 0.3% in January, after increasing 0.2% in December, with both higher fuel and nonfuel prices contributing to the rise. Over the past year, import prices rose 1.9%. Meanwhile, U.S. export prices advanced 1.3% in January, the largest monthly increase since May 2022, following a 0.5% rise in December. Higher nonagricultural prices more than offset lower agricultural prices for exports. Over the past year, export prices rose 2.7%, the largest year-over-year increase since December 2022.

Fuel import prices increased 3.2% in January, after rising 1.7% in December. These increases are attributed to higher prices for natural gas and petroleum. Meanwhile, prices for import fuel rose 2.4% over the past year. Import prices for petroleum advanced 2.3% in January, the largest over-the-year increase since July 2024. Natural gas prices surged 13.4% in January, following a dramatic 173.1% increase over the last quarter of 2024 and a 12.9% rise from January 2024.

Nonfuel import prices ticked up 0.1% for the third consecutive month in January. Nonfuel import prices have not declined on a monthly basis since May 2024, when they fell just 0.2%. Higher prices for nonfuel industrial supplies and materials, foods, feeds and beverages and capital goods more than offset lower prices for consumer goods and automotive vehicles in January. The price index for nonfuel imports increased 1.8% over the past year.

After rising 0.7% in December, agricultural export prices declined 0.2% in January. Over the past 12 months, agricultural export prices increased 0.5%. Meanwhile, nonagricultural export prices rose 1.5% in January, the largest monthly increase since August 2023. Higher prices for nonagricultural industrial supplies and materials, capital goods, consumer goods and nonagricultural foods more than offset lower prices for automotive vehicles. Over the past year, nonagricultural export prices advanced 2.9%, the largest annual increase since December 2022.