Ward Media | Kitsap Business

U.S. import prices increased 0.3% in January, the largest monthly gain since April 2024, while export prices jumped 1.3%, the Bureau of Labor Statistics reported in February.

Import fuel prices rose 3.2% for the month, driven by higher petroleum and natural gas costs. Nonfuel import prices edged up 0.1% for the third straight month. Overall import prices were up 1.9% from a year ago.

Export prices saw their biggest monthly increase since May 2022, as nonagricultural export prices rose 1.5% while agricultural export prices dipped 0.2%. The yearly gain in export prices reached 2.7%.

Trade with China showed increases, with import prices rising 0.3% and export prices up 0.8% in January. Import air passenger fares fell 12.8%, the largest drop since August 2023.

The next import and export price report will be released March 18.