Economic Buzz: US import and export prices post strongest monthly gains in years

U.S. import prices rose 1.3% in February, following increases of 0.6% in January and 0.1% in December, marking the largest monthly gain since March 2022. On an annual basis, import prices also climbed 1.3%, the strongest year-over-year increase since February 2025. The rise was driven by higher costs for both fuel and nonfuel imports.

Fuel import prices surged 3.8% in February, reversing recent declines, led by a 2.5% increase in petroleum and a sharp 24.7% jump in natural gas. Despite the monthly spike, fuel import prices remain down 10.6% compared to a year earlier, with petroleum prices falling 14.8% and natural gas up 57.9% over the same period.

Nonfuel import prices increased 1.1% in February after a 0.8% rise in January, with gains across capital goods, industrial supplies, consumer goods, and food products. Over the past year, nonfuel prices rose 2.5%, the largest annual gain since October 2022.

Export prices also strengthened, advancing 1.5% in February after a 0.6% increase in January, reflecting broad-based price growth in global trade.

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