January 2022 U.S. Import and Export Price Indexes — 2022-02-16

Prices for U.S. imports advanced 2.0 percent in January following a 0.4-percent drop in December, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices in January contributed to the overall increase in import prices. U.S. export prices rose 2.9 percent in January, after declining 1.6 percent in December. U.S. import prices advanced 2.0 percent in January resuming the upward trend recorded over most of 2021 following a 0.4-percent decline in December. The January increase was the largest monthly rise since April 2011. Prices for U.S. imports advanced 10.8 percent over the past year, led by higher fuel and nonfuel prices. (See table 1.) Fuel Imports: The price index for import fuel rose 9.3 percent in January following an 8.3-percent drop in December. The January advance was driven by higher petroleum and natural gas prices. Import fuel prices advanced 60.3 percent over the past 12 months.