Import prices rise again, with nonfuel costs up 6% over a year
Import prices increased 1.1% in September. Nonfuel import prices rose 0.7% for the month and have not posted a monthly decline since August 2025.
Persistent
What changed?
The Bureau of Labor Statistics reported October 16 that import prices rose 1.1% in September after a 0.5% increase in August. Import prices were 8.1% higher than a year earlier, the largest 12-month rise since July 2022.
Fuel-import prices rose 4.8% for the month, but the pressure was not confined to fuel. Nonfuel import prices rose 0.7% in September and 6.0% over 12 months. The monthly nonfuel index has not declined since August 2025. Imported capital goods rose 0.9%, consumer goods excluding autos rose 0.4%, and automotive vehicles, parts and engines rose 0.3%.
Why does it matter?
Businesses buying overseas equipment, finished goods or components face higher quoted costs even when a particular tariff has been reduced. These indexes measure prices paid for imports, not the tariff rate itself; currency movements, supply conditions and product mix also affect them.
The nonfuel series is the more useful trend indicator for firms whose cost exposure is not primarily oil and gas. Importers should compare it with their own supplier invoices before changing retail prices or purchasing plans.
Who is most exposed?
Retailers with imported merchandise, manufacturers reliant on overseas components or capital equipment, and auto-parts distributors or repair businesses buying imported parts.
What should businesses watch next?
October import-price indexes due November 17; nonfuel price changes by product category; landed costs including duties and shipping; and supplier lead times.
U.S. Bureau of Labor Statistics — September import/export price indexes, October 16
Trend check: Sustained nonfuel import-price increases over more than a year; September added another monthly gain.
Related Industry Intelligence: Retail · Manufacturing · Automotive