Import and export prices exceed estimates in January

Imports

The price index for U.S. imports rose 1.4 percent in January following a 1.0-percent increase the previous month. Higher fuel and nonfuel prices both contributed to the advances in January and December. U.S. import prices rose 0.9 percent for the year ended in January, the first over-the-year increase since January 2020 and the largest 12-month advance since the index increased 3.4 percent from October 2017 to October 2018.

Fuel Imports: Import fuel prices increased 7.4 percent in January following advances of 8.1 percent in
December and 4.4 percent in November. In January, higher petroleum prices more than offset lower natural gas prices. Prices for import petroleum advanced 8.3 percent in January, after rising 9.3 percent in December and 2.5 percent in November. Despite the recent increases, import fuel prices decreased 13.4 percent for the year ended in January. A 14.3-percent decline in petroleum prices more than offset an 11.3-percent advance in natural gas prices. The 12-month decrease in fuel prices was the smallest over-the-year drop for the index since February 2020.   

All Imports Excluding Fuel: Nonfuel import prices rose 0.8 percent in January following a 0.4-percent
advance the previous month. The January increase was the largest monthly rise since April 2011. In
January, higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital
goods; and automotive vehicles more than offset lower prices for import consumer goods. Prices for nonfuel imports increased 2.5 percent over the past 12 months, primarily driven by rising nonfuel industrial supplies and materials prices.    

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials advanced 4.2 percent in January, the largest monthly increase since the index was first published in December 2001. The January rise was mainly led by higher prices for unfinished metals and lumber.   

Finished Goods: Finished goods prices were mixed in January. Prices for capital goods and automotive
vehicles each advanced 0.2 percent. The price index for import consumer goods edged down 0.1 percent.    

Foods, Feeds, and Beverages: The price index for foods, feeds, and beverages increased 2.1 percent in
January, after ticking up 0.1 percent the previous month. The January advance was driven by increasing
prices for fruits and vegetables.