US Import Prices Rise 7.0 Percent in a Year, the Fastest Since 2022, as Natural Gas Doubles
US import prices rose 0.7 percent in August after falling 0.3 percent in both June and July, the Bureau of Labor Statistics said on 16 September. Over the year they were up 7.0 percent, the largest 12 month increase since the year to August 2022, when prices rose 7.7 percent.
Fuel is cooling, from a very high base
Fuel import prices edged down 0.1 percent in August after falling 6.6 percent in July and 3.7 percent in June. Natural gas fell 1.0 percent in the month, more than offsetting a 0.1 percent rise in petroleum and petroleum products. The 3 months to August brought a 10.2 percent drop, the largest quarterly decline since the 3 months to May 2025. Even so, fuel prices are 26.8 percent above a year ago. Petroleum and petroleum products are up 27.3 percent, and natural gas import prices have more than doubled, up 102.6 percent.
Fuel import prices rose 10.2 percent in March, 18.9 percent in April and 12.1 percent in May, about 47 percent in all on our calculation, so the 10.2 percent fall since has unwound only part of that surge.
| Measure | August | 12 months |
|---|---|---|
| All imports | 0.7% | 7.0% |
| Fuel imports | -0.1% | 26.8% |
| Nonfuel imports | 0.8% | 5.5% |
| All exports | 0.6% | 8.6% |
| Agricultural exports | 0.5% | 5.8% |
Percent changes.
The broad price rise is outside fuel
Nonfuel import prices rose 0.8 percent in the month and 5.5 percent over the year, the largest annual increase since the year to May 2022. Nonfuel industrial supplies rose 2.0 percent in August and capital goods 0.9 percent, led by computers, semiconductors and machinery. Consumer goods excluding autos rose 0.5 percent, while automotive prices were flat.
Prices of imports from China rose 1.0 percent, the largest monthly increase since that index was first published in January 2004, driven by computer and electronic products. Over the year they are up 3.0 percent. Prices of goods from the European Union rose 0.9 percent in the month, while Canadian import prices fell 0.8 percent.
| Measure | Aug 2024 to 2025 | Aug 2025 to 2026 |
|---|---|---|
| All imports | -0.3% | 7.0% |
| Fuel imports | -9.8% | 26.8% |
| Nonfuel imports | 0.5% | 5.5% |
| All exports | 3.2% | 8.6% |
12 month changes.
On our calculation the annual rate for all imports has swung 7.3 points in a year, from a 0.3 percent decline to a 7.0 percent rise. The nonfuel measure rose 5.0 points. Export prices rose faster than import prices over the same period, 8.6 percent against 7.0 percent.
Why it matters: Fuel is falling back, but nonfuel import prices are rising at the fastest annual pace in more than 4 years, and goods from China posted their largest monthly price increase since the index began in 2004. On our reading, the monthly pressure has shifted from fuel to nonfuel goods, although fuel prices remain 26.8 percent above a year ago.
Outlook: The bureau will publish September import and export prices on 16 October at 12:30 GMT.
Sources: US Bureau of Labor Statistics.
