U.S. import prices increased +0.2% MoM and declined -0.1% YoY in January 2026, while export prices rose +0.6% MoM and +2.6% YoY, reflecting higher nonfuel import prices and broad gains across export categories.

• Import prices increased +0.2% MoM in January after rising +0.2% in December, but were -0.1% YoY lower than January 2025, indicating modest monthly price pressure alongside a slight annual decline.

• Fuel import prices fell -2.2% MoM following a -1.1% decline in December and were down -13.4% YoY, as petroleum prices declined -2.7% MoM (-15.9% YoY) while natural gas prices increased +3.3% MoM and surged +36.4% YoY.

• Nonfuel import prices rose +0.5% MoM following a +0.2% increase in December and were up +1.2% YoY, with increases across industrial supplies, capital goods, automotive vehicles, consumer goods, and food products driving the gain.

• Import prices for nonfuel industrial supplies and materials increased +0.9% MoM after a +1.6% increase in December, reflecting higher prices for finished metal shapes, nonmetals, and chemicals.

• Finished goods import prices also rose in January, with capital goods up +0.4% MoM, automotive vehicles up +0.2% MoM, and consumer goods up +0.1% MoM, showing broad-based increases across major import categories.

• Export prices increased +0.6% MoM for a second consecutive month and rose +2.6% YoY, supported by higher prices for both agricultural and nonagricultural exports.

• Agricultural export prices increased +0.2% MoM and +2.2% YoY, with higher prices for other food preparations and corn offsetting declines in fruit and meat prices, while nonagricultural export prices rose +0.7% MoM and +2.7% YoY.

• Prices for export capital goods rose +0.9% MoM, export consumer goods increased +1.0% MoM, and export automotive vehicles prices ticked up +0.1% MoM, reflecting gains across finished export categories.

US import prices increased 0.1% MoM and 0.0% YoY, and export prices increased 0.3% MoM and 3.1% YoY in December.

• The release was limited to a one-pager with no details due to the government shutdown in Oct-Nov 2025.

US import prices increased 0.4% MoM, and export prices increased 0.5% MoM from September to November.

• The annual change in import prices remained low at 0.1% YoY, and in export prices, fell from 3.9% YoY in Sep to 3.3% YoY in Nov.
• Fuel import prices were down -8.7% YoY in November, highly deflationary but up from -17.9% YoY in September. Nonfuel import prices increased 2.4% YoY in November, up from 2.0% YoY in September.
• Agricultural exports increased 0.9% MoM and were only down -1.7% YoY in November, up from -4.9% YoY in September. Non-agricultural export price growth flipped from -1.5% YoY in September to 1.2% YoY in November.
• Nonfuel industrial supplies & materials import prices were up 4.6% YoY, including the durables subsegment up 6.9% YoY.

US import and export price indices were both flat (0.0% MoM) in September, with import prices up 0.3% YoY and export prices up 3.8% YoY, indicating subdued import inflation alongside the strongest export price gains since late 2022.

• Import fuel prices fell -1.5% MoM and -4.0% YoY, as petroleum prices declined -1.5% MoM and -5.1% YoY while natural gas dropped -3.0% MoM but remained sharply higher at +62.9% YoY, showing ongoing divergence within energy import costs.

• Nonfuel import prices rose 0.2% MoM and 0.8% YoY, with higher prices for nonfuel industrial supplies and consumer goods more than offsetting declines in capital goods and foods, feeds, and beverages.

• Import prices for nonfuel industrial supplies and materials increased 1.2% MoM, the largest monthly rise since February 2025, driven by finished metal shapes, advanced manufacturing products, and other finished nonmetals.

• Finished goods import prices were mixed: capital goods fell -0.2% MoM on cheaper computers, peripherals, and semiconductors, consumer goods rose 0.4% MoM on higher apparel and household goods prices, and automotive vehicles were unchanged MoM.

• Agricultural export prices increased 0.3% MoM and 4.4% YoY, as higher fruit prices more than offset declines in nuts and meat, contributing to the overall 3.8% YoY rise in export prices.

• Nonagricultural export prices were flat MoM but up 3.7% YoY, with nonagricultural industrial supplies and materials up 6.0% YoY, their largest annual increase since November 2022, supported by higher nonferrous metals and petroleum prices.

• By trading partner, import prices from China and Japan rose 0.8% and 0.7% MoM respectively (with China still down -2.6% YoY and Japan up 2.0% YoY), while export prices to China and Japan climbed 1.4% and 1.7% MoM, lifting US terms of trade with both countries.

• Import air passenger fares surged 14.0% MoM but were down -2.6% YoY, while import air freight prices rose 1.7% MoM and fell -12.9% YoY; on the export side, air passenger fares fell -1.3% MoM and -3.9% YoY and air freight prices dropped -2.8% MoM and -4.6% YoY, highlighting ongoing weakness in transport service prices over the year.

US trade prices saw increases in August that were ahead of expectations. Import prices increased 0.3% MoM in August, the largest increase since January and above expectations of a -0.1% MoM decline. The rise came despite a -0.8% MoM drop in fuel imports, meaning that nonfuel import prices increased 0.4% MoM, the largest monthly growth since April 2024. The key subsegment driving the increase was import prices of industrial supplies & materials (ex fuels) which jumped 1.0% MoM, specifically driven by import durable goods supplies, up 1.2% MoM. Outside of that hot rise, capital goods import prices increased 0.5% MoM and consumer goods (ex autos) import prices were up 0.7% MoM. Tariffs are not directly measured by these indices, but it is possible that tariff-related pressures on supply chains are causing an increase in import prices.

The export price index also came in hotter-than-expected, rising 0.3% MoM in August when the forecast was for no growth. The advance was concentrated in nonagricultural exports (+0.4% MoM), with consumer goods leading the way (+0.6% MoM) on higher prices for apparel, household goods, and jewelry. Capital goods prices rose 0.2% MoM, supported by gains in industrial machinery, aircraft and parts, and semiconductors, while automotive vehicles also edged up 0.2% MoM on stronger demand for non-engine parts. Export prices for nonagricultural industrial supplies and materials increased 0.2% MoM, with the nonagricultural supplies & materials (ex fuels) jumping 1.1% MoM and 9.7% YoY offset by a -0.8% MoM drop in fuels & lubricants export prices. Agricultural export prices were flat overall, with fruit price gains offsetting declines in nuts and soybeans.

The BLS’ report on trade prices is the third report on prices this week. Like the PPI report, there appears to be some tariff-based inflationary pressure making an appearance. The import price index increased 0.4% MoM in July, an increase that was ahead of expectations of no growth and the largest since April 2024. Export price growth was in line with expectations, growing just 0.1% MoM in July. The focus will be on the import data which could be moving in response to tariffs (it is important to note that tariffs are not factored into import price calculations).

A large part of the increase in import prices came from fuel import prices, which were up 2.7% MoM, the largest increase since January. But that doesn’t take away from the largest nonfuel import price growth in over a year, coming in at 0.3% MoM. In particular, there was an increase in nonfuel industrial supplies & materials prices of 1.0% MoM, with durable supplies up 1.2% MoM and nondurable (ex petroleum) supplies up 1.5% MoM. On an annual basis, imported nonfuel industrial supplies prices were up just 2.8% YoY in June, but that accelerated to 4.1% YoY in July.

While import industrial supply prices were stronger, there was little evidence of inflation in other import price segments. The prices for imported food and beverages were down -0.1% MoM, and imported auto & parts prices were down -0.2% MoM. Capital goods import prices posted their third straight month of weak gains, up just 0.1% MoM. Consumer goods (ex-autos) import prices did see a slight tick up in growth to 0.4% MoM, with nondurables up 0.7% MoM, but this wasn’t a convincing increase that looked like tariffs.

Import prices rose 0.1% MoM in June, below expectations of 0.3% MoM, while YoY growth remained steady at 1.2%. Fuel import prices fell -0.7% MoM and are down -15.7% YoY, continuing a four-month streak of declines.

• Nonfuel imports increased 0.1% MoM and 1.2% YoY, essentially unchanged from recent months.
• Industrial supplies & materials ex-fuels rose 0.7% MoM, while inputs for durable goods jumped 1.2% MoM.
• These input segments have seen strong quarterly gains: 7.6% annualized in Q1 and 5.0% in Q2.

Export prices rose 0.5% MoM in June, a notable beat over expectations for no change, and were supported by broad strength across categories.

• Agricultural export prices rose 0.8% MoM, the largest gain since November 2024.
• Non-agricultural export prices also increased 0.5% MoM.
• Consumer goods export prices climbed 0.8% MoM, the biggest monthly rise since January 2023.