U.S. import prices rose by 0.4% in February 2025 compared to the previous month, matching January’s growth rate and exceeding market expectations of a 0.1% decline.
US import and export prices unexpectedly rise
Import fuel prices increased by 1.7% in February, following a 3.5% rise in January, primarily driven by higher costs for petroleum and natural gas. Additionally, nonfuel import prices rose by 0.3% in February, building on January’s 0.1% gain. This increase was led by higher costs for nonfuel industrial supplies, materials, and consumer goods, which more than offset a drop in capital goods prices. On a year-over-year basis, U.S. import prices rose 2.0% in February, up from 1.8% in January.
Export rise too
U.S. export prices edged up by 0.1% month-over-month in February 2025, following a 1.3% increase in January, and surpassing market expectations of a 0.2% decline. Agricultural export prices rose by 0.8%, driven by higher costs for soybeans, meat, and corn, which more than compensated for declines in fruit and vegetable prices. Meanwhile, nonagricultural export prices also increased by 0.1%, supported by higher prices for consumer goods, capital goods, automotive vehicles, and nonagricultural foods. On an annual basis, export prices rose 2.1% in February, down slightly from the 2.7% increase in January.
