WASHINGTON — U.S. import prices jumped 1.3% in February, the biggest monthly increase since March 2022, as capital goods posted a record gain and fuel costs moved higher, adding fresh pressure to the inflation outlook, according to Labor Department data released March 25.
The increase followed a revised 0.6% rise in January and topped economists’ expectations for a 0.5% gain, according to Reuters. In its latest import and export price report, the Bureau of Labor Statistics said nonfuel import prices rose 1.1%, fuel import prices climbed 3.8%, and import capital goods prices advanced 1.3% — the biggest monthly increase since the series began in December 1988. The same report showed export prices rose 1.5% in February.
US import prices send a broader inflation warning
The February jump was not confined to energy. BLS said higher prices also showed up in nonfuel industrial supplies and materials, consumer goods excluding autos, foods and beverages, and auto-related imports. Natural gas prices surged 24.7% in the month, while nonfuel import prices were up 2.5% from a year earlier, the largest annual increase since October 2022.
The report matters because it lands against an inflation backdrop that has not fully normalized. The latest Consumer Price Index summary showed overall consumer inflation running at 2.4% in the 12 months through February, while core CPI held at 2.5%. At the wholesale level, the Producer Price Index summary showed final-demand prices up 0.7% in February and 3.4% from a year earlier, suggesting businesses were already facing firmer cost pressure before February’s import-price spike fully worked through supply chains.
There is also a demand side to the story. The latest BEA trade report showed U.S. imports totaled $356.6 billion in January, while capital goods imports rose $3.4 billion, including sizable increases in computers and telecommunications equipment. That makes the capital-goods price spike harder to dismiss as a blip: businesses are still buying heavily in categories tied to data centers, electronics and equipment spending.
How US import prices compare with earlier spikes
To put the move in context, imported cost pressure has returned in waves. In April 2022, Reuters reported that March import prices accelerated on petroleum costs during the commodity shock. In May 2024, Reuters said import prices had posted their biggest monthly increase in two years, renewing concern that energy and food were feeding broader inflation. Then, in April 2025, Reuters reported a mild monthly decline that briefly suggested the pressure was easing before February’s rebound.
What stands out this time is the breadth of the increase. In earlier episodes, fuel often did most of the damage. February’s report showed capital goods, consumer goods and industrial inputs all moving higher at the same time, making the latest jump harder to write off as a one-category shock.
Why the capital goods move matters
Capital goods prices tend to be steadier than fuel or food, so February’s 1.3% rise is likely to draw more attention from investors and policymakers than a typical monthly swing. When imported machinery, semiconductors, computers and related equipment get more expensive, companies have a narrower set of choices: absorb the cost, delay investment or pass it along to customers.
That does not guarantee a fresh inflation breakout, and monthly trade-price data can be volatile. But February’s report makes it harder to argue that imported inflation is fully contained, especially with consumer inflation still at 2.4% and producer inflation running hotter. For businesses, the takeaway is simple: imported inputs are getting more expensive again, and the cushion for absorbing those costs is shrinking.
