Government data show prices for foreign goods entering the United States were largely unchanged over the past year, with lower fuel costs offsetting pressures from a weaker dollar and ongoing tariffs.
By yourNEWS Media Newsroom
Prices paid for goods entering U.S. ports were little changed over the past year, as declines in fuel import costs helped offset broader price pressures while tariffs imposed under President Donald Trump remain in effect.
Over the two-month period from September to November 2025, U.S. import prices increased 0.4 percent, according to Bureau of Labor Statistics data released Jan. 15. From November 2024 to November 2025, import prices edged up just 0.1 percent.
When food and fuel are excluded, import prices rose 0.9 percent over the year, reflecting in part the weakening of the U.S. dollar. The trade-weighted dollar index, which measures the currency against those of major trading partners, fell about 7 percent last year.
Export prices moved higher over the same period. U.S. export prices rose 0.5 percent between September and November and were up 3.3 percent over the 12 months ending in November 2025.
Data collection was disrupted by the record 43-day government shutdown, which prevented officials from gathering survey information for October 2025.
Non-fuel import prices accounted for much of the recent increase, rising 0.6 percent over the two-month period. Lower prices for automotive vehicles, consumer goods, and foods, feeds, and beverages helped counter higher costs for industrial supplies, materials, and capital goods.
Fuel import prices declined 2.5 percent during the period and were down 6.6 percent from a year earlier. Petroleum import prices fell more than 8 percent over the past 12 months, while imported natural gas prices rose about 51 percent.
Agricultural shipments also contributed to price movements. The agricultural import price index rose 1.3 percent in September and October, while agricultural export prices increased 2.6 percent over the past year. Nonagricultural export prices rose 0.4 percent from September to November and advanced 3.3 percent year over year.
Much of the president’s tariff agenda has already been implemented. While some price pressures have emerged in the domestic market, overall inflation has remained muted as exporters lowered prices or U.S. companies absorbed additional tariff-related costs.
Consumer inflation slowed toward the end of the year, with the 12-month rate easing to 2.7 percent in December 2025. Core inflation, which excludes food and energy, stood at 2.6 percent, the lowest level since September 2021. Wholesale inflation was also subdued, rising 0.2 percent in November, while core producer prices were unchanged.
Private-sector measures suggest inflation may be running lower than official estimates. The Truflation U.S. CPI Index, a real-time estimate based on large volumes of data, registered 1.7 percent as of Jan. 15.
Still, signs of change may be emerging. The Federal Reserve’s Beige Book, a periodic summary of economic conditions across its 12 districts, reported that some firms are beginning to pass higher costs on to consumers as pre-tariff inventories are depleted and margin pressures intensify.
“Several contacts that initially absorbed tariff-related costs were beginning to pass them on to customers,” the report said, though it added that many retailers and restaurants remain hesitant to raise prices for cost-sensitive consumers.
The long-term status of Trump’s trade policy remains uncertain as the Supreme Court has yet to rule on the legality of the tariffs. In a Jan. 12 Truth Social post, Trump warned that the United States would face serious consequences if the court rules against them, citing the potential need to repay hundreds of billions of dollars and the complexity of unwinding past investments.
Treasury Secretary Scott Bessent told Reuters on Jan. 9 that the Treasury Department would have sufficient funds to cover any required refunds, though he expressed doubt that companies would pass the money on to consumers.
“It won’t be a problem if we have to do it,” Bessent said, adding that he viewed the prospect as unlikely and questioned whether companies such as Costco, which has sued the federal government seeking potential refunds, would return any funds to customers.
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