U.S. import prices rise 0.7% in August led by nonfuel imports

 U.S. import prices increased 0.7% in August, after declining 0.3% in July, with higher prices for nonfuel imports more than offsetting lower prices for fuel imports. Over the year, import prices advanced 7.0%, the largest annual increase since August 2022. Meanwhile, U.S. export prices rose 0.6% in August, driven by higher prices for both agricultural and nonagricultural exports. Over the past year, export prices jumped 8.6%.

In August, U.S. import prices for manufacturing climbed 5.9% over the year, with nearly all subsectors of the industry experiencing price increases. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price increase in August, surging 42.2%. On the other hand, U.S. import prices for electrical equipment, appliance and component manufacturing stayed the same from August 2025. Meanwhile, U.S. export prices for manufacturing advanced 7.4% over the year, with petroleum and coal products manufacturing exhibiting the largest rise (38.1%).

Fuel import prices edged down 0.1% in August, after falling 6.6% in July. Lower prices for natural gas more than offset higher prices for petroleum and petroleum products. Import prices for natural gas decreased 1.0% from July but are up 102.6% from the year prior, while imports of petroleum and petroleum products advanced 0.1% in August and 27.3% from August 2025.

Nonfuel imports increased 0.8% in August, after rising 0.3% in July. Higher prices for nonfuel industrial supplies and materials, capital goods and consumer goods led the gain in August. The price index for nonfuel imports grew 5.5% over the past year, the largest over-the-year gain since May 2022.

After stepping up 0.4% in July, agricultural exports rose 0.5% in August. Over the past 12 months, agricultural exports advanced 5.8%, the largest over-the-year gain since December 2022, driven primarily by higher prices for corn, soybeans, oilseeds, food oils and animal feeds. At the same time, nonagricultural exports increased 0.7% in August. Higher prices for nonagricultural industrial supplies and materials, capital goods and automotive vehicles, parts and engines drove the increase. Over the past year, nonagricultural export prices climbed 8.9%.