U.S. Import Prices Rise 0.2% In January, Slightly More Than Expected

(RTTNews) - A report released by the Labor Department on Thursday showed import prices in the U.S. increased by slightly more than expected in the month of January.

The Labor Department said import prices rose by 0.2 percent in January, matching an upwardly revised uptick in December. Economists had expected import prices to inch up by 0.1 percent.

The slightly stronger than expected import price growth came as an increase in prices for non-fuel imports more than offset an extended slump in prices for fuel imports.

The report said prices for non-fuel imports climbed by 0.5 percent in January after rising by 0.2 percent in December, while prices for fuel imports tumbled by 2.2 percent in January after slumping by 1.1 percent in December.

The increase in prices for non-fuel imports reflected higher prices for non-fuel industrial supplies and materials, capital goods, automotive vehicles, consumer goods and foods, feeds, and beverages.

The Labor Department also said import prices edged down by 0.1 percent year-over-year in January after coming in unchanged in December.

"Risks are tilted toward higher import prices in 2026 thanks to higher global oil prices, strong demand for capital goods imports, and past depreciation in the dollar," said Grace Zwemmer, U.S. Economist at Oxford Economics.

She added, "Despite that risk, we still expect core inflation to moderate as 2026 unfolds, allowing the Federal Reserve to lower interest rates in June and September."

Meanwhile, the report said export prices climbed by 0.6 percent in January, which also matched an upwardly revised increase in December. Economists had expected export prices to rise by 0.2 percent.

Prices for agricultural exports rose by 0.2 percent in January after coming in unchanged in December, while prices for non-agricultural exports increased by 0.7 percent for the second straight month.

The Labor Department said the annual rate of export price growth slowed to 2.6 percent in January from 3.1 percent in December.