US Import and Export Price Growth Hit Historic Highs in January

Source: Bureau of Labor Statistics

US import and export prices rebounded in January to mark historic monthly gains, following the decline recorded in the last month of 2021.

• Import prices increased by 2.0% in January, compared with the -0.4% in December 2021 and 1.5% in January 2021.
• The latest increase is the biggest monthly growth since April 2011.
• Fuel import prices jumped by 9.3%, following the -8.3% in December. The increase was mainly in higher petroleum and natural gas prices. Nonfuel imports grew 0.5%.
• Import prices recorded an annual growth of 10.8%, with fuel imports recording a 60.3% increase and nonfuel import prices up 6.9%.
• Export prices for the month grew by 2.9%, up from the -1.6% in December and the 2.7% growth in the same month last year.
• The latest reading is the highest monthly growth in export prices since data collection started in January 1989.
• Fuel exports prices for the month grew by 3.0%, while nonfuel export prices increased by 2.9%.
• Export prices saw an annual increase of 15.0%, as fuel export prices increased by 18.0% while nonfuel exports rose 14.7%.