US import prices rose 1.9% month-over-month in May 2026, following an upwardly revised 2% increase in April—the fastest pace in four years—and far exceeding market expectations of a 1% gain. Fuel and lubricant import prices jumped 12.5% on the month, as the ongoing war in the Middle East continued to disrupt energy exports from Persian Gulf countries, pushing up oil and refined product prices worldwide.
Nonfuel import prices increased 0.8%, reflecting higher costs for capital goods, nonfuel industrial supplies and materials, consumer goods excluding automobiles, and automotive vehicles, parts, and engines. The index excludes the tariffs imposed on US importers—which have risen following a series of measures enacted by the presidential administration—indicating that producers are passing these higher costs on to consumers. On an annual basis, import prices surged 6.7%, the sharpest increase in more than three years.
