February 2026 U.S. Import and Export Price Indexes

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U.S. import prices increased 1.3 percent in February, the U.S. Bureau of Labor Statistics reported today, following a 0.6-percent advance in January. Higher prices for nonfuel imports and fuel imports drove the increase in February. Prices for U.S. exports advanced 1.5 percent in February, after rising 0.6 percent the previous month.

Impacts of Federal Government Shutdowns on U.S. Import and Export Price Indexes

As a result of the lapse in appropriations from October 1, 2025, through November 12, 2025, some U.S. Import and Export Price Index (MXP) values for October 2025 are permanently suppressed for publication. For additional information see www.bls.gov/mxp/notices/2026/availability-of-oct-2025-mxpi-in-bls-database.htm.

Imports

Import prices advanced 1.3 percent in February following an increase of 0.6 percent in January and a rise of 0.1 percent in December. The February advance was the largest monthly increase since the index rose 2.9 percent in March 2022. The index for U.S. import prices increased 1.3 percent from February 2025 to February 2026. The February advance was the largest annual increase since the index rose 1.7 percent in February 2025. (See table 1.)

Fuel Imports: Import prices for fuels and lubricants increased 3.8 percent in February following a decrease of 1.2 percent in January and a decline of 1.1 percent in December. The February advance was the largest monthly rise since the index increased 3.9 percent in April 2024. Higher prices for petroleum and natural gas drove the increase. Prices for import petroleum and petroleum products increased 2.5 percent and natural gas advanced 24.7 percent. Despite February's increase, import fuels and lubricants prices decreased 10.6 percent from February 2025 to February 2026. The price index for import petroleum and petroleum products decreased 14.8 percent over the past 12 months, while import natural gas prices increased 57.9 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports rose 1.1 percent in February, following an increase of 0.8 percent in January. Higher prices for imports were driven by capital goods; nonfuel industrial supplies and materials; consumer goods excluding automotives; foods, feeds, and beverages; and automotive vehicles, parts and engines. Nonfuel import prices advanced 2.5 percent on a 12-month basis, the largest over-the-year increase since the index rose 2.9 percent for the 12-month period ended October 2022. Higher prices for nonfuel industrial supplies and materials, capital goods, and consumer goods excluding automotives more than offset lower prices for foods, feeds, and beverages as well as for automotive vehicles, parts and engines from February 2025 to February 2026.

Foods, Feeds, and Beverages: Foods, feeds, and beverages import prices rose 0.8 percent in February following an increase of 0.5 percent in January and an advance of 0.4 percent in December. Higher prices for other animal and vegetable preparations; vegetables; distilled alcoholic beverages; meat; food oils and oilseeds; as well as for bakery and confectionery products contributed to the increase in February.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials import prices advanced 2.6 percent in February, after a 2.4-percent increase in January. Higher prices for finished metals shapes and advanced manufacturing; finished nonmetals; and chemicals, excluding medicinals drove the advance in February while lower prices for major nonferrous metals-crude had a mitigating effect on the index.

Finished Goods: Prices for the major finished goods import categories advanced in February. Import capital goods prices increased 1.3 percent, the largest advance since the index was first published on a monthly basis in December 1988. Higher prices for computers, peripherals and semiconductors as well as for industrial and service machinery drove the increase. The price index for import consumer goods excluding automotives rose 0.5 percent in February. Higher prices for coins, gems, jewelry, and collectibles as well as for apparel, footwear, and household goods drove the overall increase in consumer goods excluding automotives import prices. Automotive vehicles, parts and engines import prices increased 0.2 percent in February.

Exports

The price index for U.S. exports rose 1.5 percent in February, the largest monthly advance since the index increased 2.7 percent in May 2022. Higher prices for nonagricultural exports and agricultural exports drove the advance in February. Prices for U.S. exports also increased over the 12-month period ended in February, rising 3.5 percent. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 0.7 percent in February following a 0.2- percent increase in January. The February advance in agricultural prices was led by higher prices for meat, soybeans, and vegetables, which more than offset lower prices for other agricultural materials as well as for corn. The price index for agricultural exports advanced 2.2 percent from February 2025 to February 2026, as higher prices for other foods and food preparations, meat, and nuts drove the 12-month increase.

All Exports Excluding Agriculture: Export prices for nonagricultural commodities increased 1.7 percent in February, after rising 0.7 percent in both January and December. Higher prices for nonagricultural industrial supplies and materials; consumer goods excluding automotives; capital goods; and automotive vehicles, parts and engines drove the increase. For the 12-month period ended February 2026, prices for nonagricultural exports advanced 3.8 percent. Higher prices for nonagricultural industrial supplies and materials; capital goods; and consumer goods excluding automotives contributed to the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 3.6 percent in February, after an advance of 0.5 percent the previous month. Higher prices for natural gas; crude petroleum; nonferrous metals; and chemicals, excluding medicinals drove the increase in February.

Finished Goods: Prices for the major finished goods export categories advanced in February. Consumer goods excluding automotives export prices increased 0.7 percent for the second consecutive month in February and has not recorded a monthly decrease since the index fell 0.2 percent in September 2025. Capital goods export prices increased 0.2 percent in February and rose 3.0 percent year-over-year. Export prices for automotive vehicles, parts and engines ticked up 0.1 percent for the month.

More information for the major import and export price indexes can be found at www.bls.gov/web/ximpim/largest.htm.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Import prices from China increased 0.5 percent in February and declined 1.9 percent over the past 12 months. The February increase was the largest monthly advance since the index rose 0.5 percent in March 2022. Prices for imports from Japan increased 0.4 percent in February following no recorded change in January and a decrease of 0.5 percent in December. Over the past 12 months, the price index for imports from Japan increased 0.7 percent. Import prices from the European Union increased 0.6 percent in February, the largest monthly advance since January 2024, and prices for imports from Canada increased 1.6 percent. In contrast, the price index for imports from Mexico decreased 0.5 percent in February, after rising 0.3 percent the previous month. (See table 7.)

Exports by Locality of Destination: Prices for exports to China increased 0.7 percent in February. Over the past 12 months, the price index for exports to China advanced 3.6 percent. Prices for exports to Japan rose 2.4 percent in February following an increase of 1.2 percent in January and a rise of 0.6 percent in December. The price index for exports to Japan advanced 5.9 percent over the past 12 months. Export prices to the European Union increased 3.2 percent in February, the largest monthly advance since the index rose 4.6 percent in March 2022. Export prices to Mexico advanced 0.9 percent in February, after falling 0.2 percent the previous month. Prices for exports to Canada increased 1.9 percent in February, the largest monthly advance since the index rose 3.0 percent in March 2022. Export prices to Canada increased 6.5 percent over the past 12 months, the largest over-the-year advance since an 8.7-percent increase in December 2022. (See table 8.)

Terms of Trade Indexes: Terms of trade indexes are based on the country, region, or grouping and measure the change in the purchasing power of exports relative to imports. The U.S. terms of trade index with China increased 0.2 percent in February, following a 0.8-percent advance in January. The index for U.S. terms of trade with Japan advanced 1.9 percent in February. The U.S. terms of trade index with the European Union increased 2.6 percent in February, after falling 0.1 percent in January. In February, the U.S. terms of trade index with Canada rose 0.3 percent and the index for U.S. terms of trade with Mexico advanced 1.3 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 0.4 percent in February, after a decrease of 10.1 percent in January. Lower prices for Asian fares more than offset higher prices for Latin American/Caribbean and European fares. The price index for import air passenger fares decreased 0.2 percent over the past year. Prices for import air freight declined 0.7 percent in February and increased 13.0 percent over the past 12 months. The over-the-year rise in February for import air freight prices was the largest advance since the index increased 17.3 percent for the 12 months ended January 2025. (See table 10.)

Exports: The price index for export air passenger fares decreased 11.9 percent in February after an increase of 13.2 percent in January. The February decline is the largest monthly decrease since the index fell 13.0 percent in February 2025. Lower Latin American/Caribbean, Asian and European fares in February contributed to the overall decrease in export air passenger fares. Export air passenger fares fell 1.6 percent from February 2025 to February 2026. Prices for export air freight rose 2.1 percent in February following a 2.8-percent increase in January. Higher prices for export European air freight and export Asian air freight contributed to the monthly advance. Despite the recent monthly increases, the price index for export air freight declined 1.0 percent over the past 12 months.

U.S. Import and Export Price Index data for March 2026 are scheduled for release on Wednesday, April 15, 2026, at 8:30 a.m. (ET).