US Import Prices Surge 8.1%: Highest Jump Since 2022
US import prices hit their highest annual rise since 2022, driven by a massive spike in natural gas and petroleum costs.
The cost of bringing goods into the United States has seen a dramatic spike, with US import prices surge 8.1 per cent over the 12 months ending in September 2026. According to the latest data from the US Bureau of Labor Statistics (BLS), this represents the most significant annual increase since July 2022, when prices climbed by 8.8 per cent.
The upward trend was evident in the monthly figures as well. Import prices rose by 1.1 per cent in September, a sharper increase compared to the 0.5 per cent rise recorded in August. This monthly jump was fueled by a combination of rising costs in both fuel and non-fuel categories.
The Energy Shock: Natural Gas and Petroleum
Energy costs have been a primary driver of this inflationary pressure. Fuel import prices jumped 4.8 per cent in September alone, recovering from declines of 0.2 per cent in August and 6.8 per cent in July.
Breaking down the fuel sector, the BLS reported a 4.6 per cent increase in petroleum and petroleum products during September, while natural gas prices rose by 1.6 per cent.
The annual figures for energy are even more startling:
- Overall Fuel Imports: Increased by 34.5 per cent between September 2025 and September 2026.
- Petroleum Products: Rose by 35.4 per cent over the same period.
- Natural Gas: Witnessed a massive 96.5 per cent surge over the 12 months. This marks the largest annual spike for natural gas since June 2022, when the index skyrocketed by 149.5 per cent.
Non-Fuel Imports and Global Trends
It wasn't just energy driving the costs. Non-fuel import prices also contributed to the overall rise, increasing by 0.7 per cent in September. This brings the annual increase for non-fuel imports to 6.0 per cent compared to September 2025. Notably, the BLS highlighted that non-fuel import prices have not seen a monthly decline since August 2025.
Impact of Key Trading Partners
The rise in costs is reflected across various international trade routes, with China showing a particularly notable trend:
- China: Import prices rose 0.7 per cent in September—the biggest monthly jump since December 2021. Annually, imports from China are up 3.1 per cent.
- Japan: Prices increased 0.6 per cent in September and 1.1 per cent year-on-year.
- European Union: Recorded a 0.3 per cent increase in September.
- North America: Imports from Mexico and Canada rose by 0.6 per cent and 1.3 per cent, respectively, during September.
Export Prices on the Rise
While the focus remains on the cost of imports, the United States is also seeing a rise in the prices of the goods it sends abroad. US export prices climbed 2.2 per cent in September, following a 1.2 per cent increase in August, indicating a broader trend of rising prices in international trade.