FX.co ★ US Import Prices Unexpectedly Fall on Lower Fuel Costs

In March 2025, U.S. import prices experienced a slight decline of 0.1% compared to the previous month. This followed a downwardly revised increase of 0.2% in February and contradicted market forecasts that had anticipated no change in import prices. This marked the first monthly decrease since September 2024, primarily caused by a significant 2.3% reduction in fuel prices. Conversely, nonfuel import prices saw a 0.1% increase for the second consecutive month. This rise was supported by gains in capital goods, nonfuel industrial supplies and materials, and foods, feeds, and beverages, which offset declines observed in consumer goods and automotive vehicles. On an annual basis, import prices rose by 0.9% in March, down from a 1.6% increase in February. It's important to note that the Import and Export Price Indexes provided by the U.S. Bureau of Labor Statistics do not include tariffs, as tariffs are taxes that fall outside the scope of net trade calculations although they are factored into GDP as government expenditures.