U.S. import prices rise 1.1% in September, up 8.1% YoY—the biggest jump since July 2022
U.S. import prices rose 1.1% between August and September 2026 and were 8.1% higher than a year earlier, the largest 12‑month gain since July 2022, according to the Bureau of Labor Statistics.
The jump highlights widening cost pressures across the economy, as higher overseas prices for raw materials and finished goods can feed into domestic production costs and ultimately consumer prices.
Fuel imports accounted for roughly 40% of the September surge, with fuel prices climbing 4.8% month‑over‑month while non‑fuel import prices increased 0.7%. Over the past year, fuel import prices rose 34.5%, led by a 35.4% rise in petroleum products and a staggering 96.5% jump in natural‑gas imports—the sharpest annual gain since June 2022.
“Fuel is driving roughly 40% of September’s import price surge,” said Orphe Divounguy, founder of the Quantitative Research Group and former senior economist at Zillow.
Energy‑related price pressures also showed in other indicators. Brent crude averaged about $114 a barrel in September, up from $91 in August, and U.S. retail gasoline hit an average of $4.35 per gallon. Export prices rose 2.2% in September and 11.6% year‑over‑year, while the Producer Price Index increased 1.3%—its strongest monthly rise since March 2022.
Business sentiment mirrored the data. The Federal Reserve Bank of New York’s October Business Leaders Survey reported the regional business‑activity index fell to –20.7, the lowest since March, with 42% of firms saying conditions worsened. About 71% of respondents noted higher input costs, yet only 40% said they had raised customer prices, suggesting some companies are absorbing the shock.
Federal Reserve policymakers are set to meet at the end of October after raising the benchmark rate by a quarter point in September to a range of 3.75%‑4%. Divounguy noted, “I still favor holding rates in October, but it’s a closer call. The risk is that these cost increases keep spreading and people begin expecting inflation to stay higher for longer.”
