US import prices increased by 0.2% month-over-month in January 2026, matching December’s gain, as higher prices for non-fuel goods more than offset a decline in energy costs. Excluding fuels, import prices rose 0.5%, and prices excluding petroleum also climbed 0.5%.
Price increases were broad-based, with foods, feeds, and beverages up 0.2%, industrial supplies and materials up 0.9%, automotive vehicles up 0.2%, and consumer goods up 0.1%. These advances were partly offset by a 2.2% drop in fuel prices, driven by a 2.7% decline in petroleum.
On a year-on-year basis, import prices fell 0.1% in January, following no change in December.
