Import prices rose 1.1% and export prices increased 2.2% in September, exceeding economists’ forecasts as higher energy costs, agricultural commodities and machinery prices added to inflation pressures.
By yourNEWS Media Newsroom
Rising energy costs and increasing prices for industrial equipment pushed U.S. import and export inflation sharply higher in September, with both measures exceeding economists’ forecasts and recording their strongest annual increases in more than four years.
The Bureau of Labor Statistics reported Friday that import prices climbed 1.1% in September, following a revised 0.5% increase in August. Export prices advanced 2.2%, accelerating from a 1.2% gain the previous month.
Economists had anticipated increases of 0.8% for imports and 1% for exports. The larger-than-expected readings suggest that price pressures are extending across international trade, affecting everything from energy supplies and agricultural products to machinery used in the expanding artificial intelligence industry.
Compared with September 2025, import prices increased 8.1%, their largest annual advance since July 2022. Export prices rose 11.6% over the same period, marking the strongest 12-month increase since July 2022.
Energy was a significant contributor to the increase in import costs. Prices for imported fuels and lubricants jumped 4.8% during September, following an 8.2% increase in August. Petroleum prices advanced 4.6%, while natural gas prices increased 1.6%.
Over the past year, imported fuel prices have climbed 34.5%, reflecting substantial increases in international energy costs. Petroleum prices rose 35.4% from a year earlier, while natural gas import prices increased 96.5%.
The increases come as geopolitical tensions and disruptions to energy transportation have affected international markets, creating additional costs for businesses dependent on imported petroleum and natural gas.
However, the September report also indicated that rising import prices were not confined to energy.
Excluding fuels, import prices increased 0.7%, extending a period in which nonfuel import costs have not recorded a monthly decline since August 2025. Over the past 12 months, prices for those products advanced 6%, their largest annual increase since April 2022.
Capital goods were among the categories contributing to the broader increase, with import prices rising 0.9% for the second consecutive month.
The category includes computers, electronic components, industrial machinery and other equipment used by American businesses. Prices for imported capital goods have increased more than 8% over the past year, reflecting growing costs for equipment used across several industries.
The expansion of artificial intelligence infrastructure has been an important source of demand for advanced computers, semiconductors and industrial machinery. Companies building data centers and other computing facilities have invested heavily in equipment necessary to support increasingly sophisticated AI systems.
Prices for imported nonelectrical machinery have risen 10.4% over the past year, illustrating the increasing expense of certain industrial products.
The BLS identified higher prices for computers, peripherals, semiconductors and industrial and service machinery as factors behind September’s increase in capital goods prices.
Import costs also rose for automotive vehicles, parts and engines, which increased 0.3%, while consumer goods excluding automobiles advanced 0.4%.
Nonfuel industrial supplies and materials recorded a larger monthly increase of 1.4%, following a 1.3% rise in August. Higher prices for finished metals, manufactured materials and agricultural products used in industrial production contributed to the increase.
The broad distribution of higher prices is significant because imported inputs are used throughout the American economy. Businesses purchasing more expensive equipment, materials and components may face pressure to absorb those costs or pass some of them to customers.
The BLS import price indexes measure changes in prices paid for goods purchased from foreign suppliers. They do not directly include tariffs or transportation costs, meaning the figures should not be interpreted as a complete measure of the expenses businesses face when bringing products into the United States.
American exporters experienced similarly widespread price increases.
Agricultural export prices rose 2.6% in September, their largest monthly advance since November 2022. Higher prices for soybeans, corn and wheat accounted for much of the increase.
Agricultural export prices have not recorded a monthly decline since December 2025 and are now 9% higher than a year earlier.
The increases may benefit some agricultural producers receiving higher prices for their goods, although farmers also face expenses associated with fuel, fertilizer, equipment and transportation.
Prices for nonagricultural exports increased 2.1% during September after advancing 1.3% in August. The BLS attributed the acceleration to higher prices for industrial supplies and materials, capital goods, consumer products and automotive equipment.
Over the past 12 months, nonagricultural export prices climbed 11.8%.
The figures indicate that American producers selling goods abroad are receiving higher prices across a broad range of products, potentially affecting demand from foreign customers while also reflecting higher domestic production costs.
Regional trade data showed that import prices increased for goods arriving from several major U.S. trading partners.
Prices for imports from China rose 0.7% in September, the largest monthly increase since December 2021. Import prices from Japan increased 0.6%, while goods from Canada rose 1.3%.
Imports from Mexico increased 0.6%, and prices for goods originating in the European Union advanced 0.3%.
Meanwhile, export prices to China climbed 2.7%, with exports to the European Union increasing 3.9%. Prices for American exports to Japan rose 1.7%, while those destined for Mexico and Canada increased 2.5% and 1%, respectively.
The latest federal trade price data arrive amid renewed concerns about inflation across the broader U.S. economy.
Higher prices for imported energy and industrial products can affect manufacturing, transportation and consumer goods, while increasing export prices can influence the competitiveness of American products in international markets.
The report also follows other economic indicators showing continued pressure on business costs. September’s producer price figures recorded a substantial increase, with energy prices contributing heavily to the rise.
Although import and export price indexes do not measure consumer inflation directly, they provide information about price changes that can eventually influence costs throughout domestic supply chains.
For the Federal Reserve, the latest figures add to the economic information available as policymakers evaluate inflation, interest rates and overall business conditions.
The central bank must consider whether rising energy and trade-related costs represent temporary disruptions or more persistent inflationary pressures that could affect consumer prices and economic activity.
September’s results suggest that inflation pressures are affecting a widening range of internationally traded goods, rather than being concentrated in a single sector.
The BLS is scheduled to release October’s import and export price figures on November 17, providing another measure of whether rising energy, agricultural and industrial equipment costs continue to influence U.S. trade prices.
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