In February 2026, US import prices rose 1.3% following a 0.6% increase in January, driven by higher costs for both fuel and nonfuel goods, according to the US Bureau of Labor Statistics.
Fuel imports surged 3.8% month-over-month due to rising petroleum and natural gas prices, while nonfuel imports increased 1.1%, with gains in capital goods, industrial supplies, consumer goods, and foods.
On an annual basis, nonfuel imports advanced 2.5%, the largest year-over-year gain since 2022. Export prices also rose 1.5% in February. Foods, feeds, beverages, finished goods, and industrial materials were key contributors to the overall price increases. The BLS writes:
U.S. import prices increased 1.3 percent in February, the U.S. Bureau of Labor Statistics reported today, following a 0.6-percent advance in January. Higher prices for nonfuel imports and fuel imports drove the increase in February. Prices for U.S. exports advanced 1.5 percent in February, after rising 0.6 percent the previous month.
Imports
Import prices advanced 1.3 percent in February following an increase of 0.6 percent in January and a rise of 0.1 percent in December. The February advance was the largest monthly increase since the index rose 2.9 percent in March 2022. The index for U.S. import prices increased 1.3 percent from February 2025 to February 2026. The February advance was also the largest annual increase since the index rose 1.7 percent in February 2025 (see Table 1).
Fuel Imports: Import prices for fuels and lubricants increased 3.8 percent in February following a decrease of 1.2 percent in January and a decline of 1.1 percent in December. The February advance was the largest monthly rise since the index increased 3.9 percent in April 2024. Higher 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. Despite February’s increase, import fuels and lubricants prices decreased 10.6 percent from February 2025 to February 2026. The price index for import petroleum and petroleum products decreased 14.8 percent over the past 12 months, while import natural gas prices increased 57.9 percent over the same period.
All Imports Excluding Fuel: Prices for nonfuel imports rose 1.1 percent in February, following an increase of 0.8 percent in January. Higher prices were driven by capital goods; nonfuel industrial supplies and materials; consumer goods excluding automotives; foods, feeds, and beverages; and automotive vehicles, parts, and engines. Nonfuel import prices advanced 2.5 percent on a 12-month basis, the largest over-the-year increase since the index rose 2.9 percent for the 12-month period ended October 2022. Higher prices for nonfuel industrial supplies and materials, capital goods, and consumer goods excluding automotives more than offset lower prices for foods, feeds, and beverages, as well as for automotive vehicles, parts, and engines from February 2025 to February 2026.
Foods, Feeds, and Beverages: Foods, feeds, and beverages import prices rose 0.8 percent in February, following an increase of 0.5 percent in January and an advance of 0.4 percent in December. Higher prices for other animal and vegetable preparations, vegetables, distilled alcoholic beverages, meat, food oils and oilseeds, as well as bakery and confectionery products, contributed to the February increase.
Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials import prices advanced 2.6 percent in February, after a 2.4-percent increase in January. Higher prices for finished metal shapes and advanced manufacturing, finished nonmetals, and chemicals (excluding medicinals) drove the advance, while lower prices for major nonferrous metals-crude mitigated the index.
Finished Goods: Prices for the major finished goods import categories advanced in February. Import capital goods prices increased 1.3 percent, the largest advance since the index was first published on a monthly basis in December 1988. Higher prices for computers, peripherals, and semiconductors, as well as industrial and service machinery, drove the increase. The price index for import consumer goods excluding automotives rose 0.5 percent in February, driven by higher prices for coins, gems, jewelry, collectibles, apparel, footwear, and household goods. Automotive vehicles, parts, and engines import prices increased 0.2 percent in February.
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