The US Bureau of Labor Statistics reports that US import prices fell 0.1% in March 2025, driven by a 2.3% drop in fuel costs, particularly petroleum and natural gas. They write:
U.S. import prices decreased 0.1 percent in March following a 0.2-percent increase in February, the U.S. Bureau of Labor Statistics reported today. Lower prices for fuel imports more than offset higher prices for nonfuel imports in March. Prices for U.S. exports were unchanged in March, after rising 0.5 percent the previous month.
Imports
U.S. import prices decreased 0.1 percent in March following an increase of 0.2 percent in February. The March decline was the first monthly drop since the index decreased 0.4 percent in September 2024. Prices for U.S. imports increased 0.9 percent from March 2024 to March 2025. (See table 1.)
Fuel Imports: Import fuel prices decreased 2.3 percent in March following increases of 1.6 percent in February and 2.7 percent in January. The March decline was the largest monthly drop since the index decreased 7.2 percent in September 2024. Lower prices for petroleum and natural gas drove the overall decline in import fuel prices in March. Fuel import prices decreased 5.2 percent from March 2024 to March 2025. Prices for import petroleum declined 1.5 percent in March, the first monthly decrease since October 2024. The price index for petroleum imports fell 6.7 percent over the past 12 months. Import natural gas prices decreased 19.8 percent in March, the largest monthly decline since March 2024. Natural gas prices rose 88.5 percent for the year ended in March.
All Imports Excluding Fuel: Prices for nonfuel imports increased 0.1 percent for the second consecutive month in March. Nonfuel import prices have not declined on a monthly basis since a 0.2-percent drop in May 2024. Higher prices for capital goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages more than offset lower prices for consumer goods and automotive vehicles. The price index for nonfuel imports advanced 1.5 percent for the year ended in March.
Foods, Feeds, and Beverages: Foods, feeds, and beverages prices ticked up 0.1 percent in March, after being unchanged in February. Higher prices for green coffee, cocoa beans, and bakery and confectionery products more than offset lower prices for vegetables and distilled alcoholic beverages.
Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 0.4 percent in March, after a 1.2-percent increase in February. Higher prices for major nonferrous metals drove the increase in nonfuel industrial supplies and materials prices in March. Nonfuel industrial supplies and materials prices advanced 6.7 percent from March 2024 to March 2025.
Finished Goods: Prices for the major finished goods import categories were mixed in March. Capital goods prices increased 0.3 percent, after edging down 0.1 percent in February. Higher prices for civilian aircraft, engines, and parts and telecommunications equipment drove the advance. In contrast, the price index for automotive vehicles declined 0.1 percent for the fourth consecutive month in March. Lower prices for parts, engines, bodies and chassis led the decrease. Import consumer goods prices fell 0.2 percent for the second
consecutive month in March. Lower prices for household goods drove the decline in consumer goods prices.
Read more here.
