2026.05.1412:34:58UTC+00US Import Prices Rise More than Expected

US import prices surged 1.9% month-over-month in April 2026, the largest increase since March 2022 and well above market expectations for a 1.0% gain, after rising 0.9% in March and 1.0% in February. The upswing was driven mainly by a sharp rise in fuel and lubricant costs, which jumped 16.3% following a 10.0% increase in the previous month, marking their strongest monthly gain since March 2022. Prices for petroleum and petroleum products soared 19.0% as the war in Iran pushed crude oil prices sharply higher, more than offsetting a 22.1% drop in imported natural gas prices.

Excluding fuel, import prices rose 0.8% in April after a 0.2% increase in March, reflecting higher prices for capital goods, industrial supplies, consumer goods, and food products, while prices for motor vehicles fell. On a year-over-year basis, overall US import prices were up 4.2% in April 2026, matching the strongest annual increase since October 2022.