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US: Import and Export Prices
| Actual | Previous | Revised | |
| Import Prices - M/M | 1.3% | 0.2% | 0.6% |
| Import Prices - Y/Y | 1.3% | -0.1% | |
| Export Prices - M/M | 1.5% | 0.6% | |
| Export Prices - Y/Y | 3.5% | 2.6% |
Highlights
February's spike in import prices outstrips December and January's cumulative 0.7 percent rise in import prices. The rate barely dips when excluding prices for imported fuel, underlining the inflationary pressures from both tariffs as well as demand for materials needed to build AI data centers.
Prices for U.S. imports jumped 1.3 percent in February following a revised 0.6-percent rise the previous month (previously +0.2 percent). February's rise in import prices is the largest since March 2022. Higher for both fuel and non-fuel import prices drove the increase.
U.S. import prices increased 1.3 percent compared to February 2025. This is the largest rise since prices spiked in the same month last year with the imposition of the Trump administration's punitive tariffs.
Nonfuel import prices surged 1.1 percent in February, following a 0.8 percent rise the previous month. Higher prices for imports were driven by capital goods; nonfuel industrial supplies and materials; consumer goods excluding automotives; foods, feeds, and beverages; and automotive vehicles, parts and engines, the BLS said.
Import prices for nonfuel industrial supplies and materials jumped 2.6 percent in February, after a 2.4 percent rise in January. Import prices for capital goods increased 1.3 percent, the largest monthly rise since December 1988.
Import prices for automotive vehicles rose 0.2 percent in February, down slightly from +0.3 percent in January. Import prices for consumer goods (excluding autos) increased 0.5 percent in February, following a 0.1 percent rise in January.
Prices for nonfuel imports rose 2.5 percent over the past year.
Prices for imported fuel saw a 3.8 percent spike in February (the conflict in Iran kicked off at the tail-end of the month), after a 1.2-percent decline in January, but plunged 10.6 percent compared to a year ago. Rising prices for petroleum and natural gas drove the increase. Prices for import petroleum and petroleum products increased 2.5 percent and natural gas advanced 24.7 percent.
The prices for U.S. exports were up 1.5 percent in February, following a +0.6 percent pace reported for the previous month. This is the largest monthly increase since May 2022.
Given February's large monthly increase, U.S. export prices rose by 3.5 percent over the past year.
Definition
Import price indexes are compiled for the prices of goods that are bought in the United States but produced abroad and export price indexes are compiled for the prices of goods sold abroad but produced domestically. These prices, which exclude tariffs and taxes, measure underlying inflationary trends in internationally traded products.
Description
Changes in import and export prices are a valuable gauge of inflation here and abroad. Furthermore, the data can directly impact the financial markets such as bonds and the dollar. The bond market is especially sensitive to the risk of importing inflation because it erodes the value of the principal (the original investment) which is paid back when the bond matures. It also decreases the value of the steady stream of interest rate payments on this type of security. Inflation leads to higher interest rates and that's bad news for stocks, as well. By monitoring inflation gauges such as import prices, investors can keep an eye on this menace to their portfolios.
