U.S. Import Prices Jump 1.1% in September, Largest Annual Gain Since 2022

Prices of goods imported into the United States rose 1.1% in September, with both fuel and nonfuel products contributing to the increase, the Bureau of Labor Statistics reported Friday. Over the preceding 12 months, import prices climbed 8.1%, the largest year-over-year advance since July 2022.

The latest monthly gain followed a revised 0.5% increase in August. For perspective, the previous time the 12-month change was larger was in July 2022, when the index rose 8.8% from a year earlier. The annual figure measures the pace of price increases, not the total dollar value of imports entering the country.

Fuel Prices Rebound as Nonfuel Costs Keep Rising

Fuel import prices advanced 4.8% in September, reversing declines of 0.2% in August and 6.8% in July. The rebound came from higher prices for petroleum and petroleum products, which increased 4.6%, and natural gas, which rose 1.6%. Those movements helped lift the overall import index after two months of falling fuel prices.

The longer-term change in energy costs was considerably larger than September’s monthly movement. Imported fuel prices stood 34.5% above their September 2025 level, including a 35.4% increase for petroleum and petroleum products. Natural gas import prices had risen 96.5% over the same period, their largest 12-month advance since June 2022, according to the agency.

The increase was not confined to energy. Nonfuel import prices rose 0.7% in September and were 6.0% higher than a year earlier. The 12-month change was the largest for that category since April 2022, when the index rose 7.2%. The September import and export price report also noted that nonfuel import prices had not recorded a monthly decline since August 2025.

Capital goods prices increased 0.9% for a second consecutive month. Computers, peripheral equipment, semiconductors and industrial machinery helped drive the latest rise, offsetting lower prices for scientific and medical machinery. Nonfuel industrial supplies and materials were up 1.4%, following a 1.3% increase in August, with higher costs across several manufactured materials and industrial inputs.

The increases reached some finished consumer products as well. Imported consumer goods other than automobiles cost 0.4% more in September, while automotive vehicles, parts and engines rose 0.3%. Food, feed and beverage import prices were unchanged overall: increases for vegetables, green coffee and fruit were offset by decreases for sugar and certain seafood products.

Imports From Major Trading Partners Also Became More Expensive

The BLS indexes by country of origin registered higher prices for imports from several major U.S. trading partners. Prices of imports from Canada increased 1.3% in September. The index for China rose 0.7%, while imports from Japan and Mexico each increased 0.6%. The European Union index was up 0.3%.

China’s 0.7% monthly increase was its largest since December 2021. From September 2025 to September 2026, the index for imports from China rose 3.1%, compared with a 1.1% annual rise for imports from Japan. These indexes track changes in the prices of goods sourced from each market rather than changes in the quantity or value of goods shipped.

The country figures do not establish that one trading partner caused more of the overall U.S. increase than another. Each index covers its own mix of products, and the September release does not assign a share of the national 1.1% gain to any particular country. A higher monthly percentage for one origin also does not mean its products are more expensive in absolute terms.

What the Import Price Index Says About Tariffs

An important distinction in reading the report is that import tariffs themselves are not included in the BLS import price indexes. A tariff is a tax imposed when goods enter the country, and the agency excludes that tax from the price observations used in the indexes. The September increase therefore should not be interpreted as a direct measure of duties paid by U.S. importers.

Tariffs can still influence the prices measured by the index indirectly. In an earlier BLS explanation of its methodology, the agency described how importers might move purchases forward before a tariff takes effect, switch suppliers or negotiate changes in the underlying price of goods. Those responses can alter prices even though the tariff charge is excluded. The September release does not calculate how much of the 1.1% increase, if any, resulted from such adjustments.

The import price index is also different from the consumer price index. Its goods measures are generally based on prices paid by U.S. importers, using the pricing convention applicable to the industry. Imported products can pass through wholesalers and retailers before reaching consumers, with additional costs and pricing decisions affecting the amount ultimately paid at the checkout. September’s import-price reading alone does not establish a corresponding rise in household prices.

These data are not seasonally adjusted, and monthly changes, particularly in fuel, can be volatile. BLS also allows revisions to a month’s first estimate during the following three releases as additional price reports or corrections arrive. The revised August figure and the distinct monthly and annual readings are reasons to treat September as a measure of current cross-border price pressure rather than a complete account of domestic inflation.

Export Prices Rise Faster in September

Prices received for U.S. exports increased 2.2% in September, after rising 1.2% in August. Export prices were 11.6% higher than in September 2025, their largest 12-month increase since the year ended July 2022, when the index rose 12.9%. As with import prices, these figures measure price changes rather than shipment volumes or total export revenue.

Agricultural export prices climbed 2.6% for the month, their sharpest monthly rise since November 2022. Higher prices for soybeans, corn and wheat contributed to the change, and agricultural export prices were up 9.0% over the year. Outside agriculture, export prices rose 2.1% in September and 11.8% over 12 months. Nonagricultural industrial supplies and materials recorded a 4.0% monthly increase, reflecting higher prices for energy products and chemicals.

The simultaneous rise in prices for imports and exports shows that September’s international price pressures extended in both directions of U.S. trade. It does not, by itself, indicate whether the trade deficit widened or narrowed, since that also depends on how much the country bought and sold. The BLS has scheduled the next import and export price release, covering October, for November 17, 2026, at 8:30 a.m. Eastern time.