Economic Data and Growth

U.S. import prices increased 1.3% in February, after rising 0.6% in January, with higher nonfuel and fuel prices driving the increase. Over the past year, import prices advanced 1.3%. Meanwhile, U.S. export prices climbed 1.5% in February, driven by higher prices for both nonagricultural and agricultural exports. Over the past year, export prices rose 3.5%.

In February, U.S. import prices for manufacturing rose 2.2% over the year, but most of the industry experienced price declines. Primary metal manufacturing experienced the most significant over-the-year U.S. import price increase in February, surging 33.8%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which fell 12.0% from February 2025. Meanwhile, U.S. export prices for manufacturing in February advanced 4.4% over the year, with primary metal manufacturing export prices exhibiting the largest rise (44.2%). 

Fuel import prices climbed 3.8% in February, the largest monthly rise since April 2024, after declining 1.2% in January. Higher prices for petroleum and natural gas drove the increase, climbing 2.5% and 24.7%, respectively. However, prices for fuel imports fell 10.6% from February 2025. At the same time, natural gas prices soared 57.9% over the year.

Nonfuel import prices increased 1.1% in February, after advancing 0.8% in January. Higher prices for capital goods, nonfuel industrial supplies and materials, consumer goods, automotive vehicles and foods, feeds and beverages drove the increase. The price index for nonfuel imports grew 2.5% over the past year, the largest over-the-year gain since October 2022.

After inching up 0.2% in January, agricultural export prices increased 0.7% in February. Over the past 12 months, agricultural export prices advanced 2.2%. Meanwhile, nonagricultural export prices rose 1.7% in February. Higher prices for nonagricultural industrial supplies and materials, consumer goods, capital goods and automotive vehicles drove the gain. Over the past year, nonagricultural export prices climbed 3.8%.