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U.S. import prices rose 8.1% over the year, the fastest since 2022

Prices outside fuel rose 6.0% in the year to September 2026, the most since April 2022.

· · 2 min read · By ETF.net Research · Rebecca Jones

A person uses a blue calculator while sorting US dollar bills and store receipts on a wooden desk.

Key takeaways

  • U.S. import prices rose 8.1% over the year, the fastest increase since 2022.
  • Prices outside fuel rose 6.0% over the year, so the increase was not only fuel.
  • Fuel import prices rose 34.5% over the year as the Iran war kept oil high.
  • Markets still expect the Federal Reserve to hold this month and raise rates in December.

U.S. import prices rose 1.1% in September and 8.1% over the year through September 2026, the largest 12-month increase since an 8.8% rise in the year through July 2022, the Bureau of Labor Statistics (BLS) said Friday.

Economists polled by Reuters had expected a 0.8% increase in the indexes, which exclude tariffs. September's gain followed a 0.5% rise in August, revised down from the 0.7% first reported.

The increase was not only fuel

The BLS said higher prices for fuel and for other goods both drove the September advance. Prices outside fuel rose 0.7% and have not fallen in any month since August 2025. Over the year, they rose 6.0%, the largest increase since 7.2% in the year through April 2022.

Fuel import prices rose 4.8% in September, after falling 0.2% in August and 6.8% in July, and were up 34.5% over the year.

Capital-goods prices rose 0.9% for a second straight month. Computers, peripherals, semiconductors, and industrial and service machinery cost more. Automotive vehicles, parts and engines rose 0.3%. Consumer goods other than autos rose 0.4%.

On Wednesday, the BLS said consumer prices rose 3.7% over the year to September, up from 3.4% in August. On Thursday, it said prices charged by producers rose 1.3% in September, the largest monthly increase since 1.7% in March 2022.

Reuters said Friday that, combined, these reports left economists convinced that inflation was broadening beyond energy.

High oil prices are being impacted by the war the United States and Israel are waging on Iran on Feb. 28, 2026, and the war is still going. Reuters said it has snarled supply chains and kept oil prices high.

Markets still expect next US rate hike in December

In September, the U.S. Federal Reserve raised its benchmark interest rate by a quarter of a percentage point, to a range of 3.75% to 4%, the first increase since 2023. The next policy meeting is Oct. 27-28.

Federal Reserve Chairman Kevin Warsh, speaking in Bangkok at the annual meetings of the International Monetary Fund and the World Bank Group before Friday's report, declined to say what the central bank would do at its remaining meetings this year.

"I don't prejudge meetings. I don't believe in saying now what I might do at the meetings that we have in the balance of this year."

Reuters said financial markets still expected the Federal Reserve to leave the rate unchanged this month and to raise it in December.

Frequently asked questions

Was the yearly rise in import prices only about fuel?

No, prices outside fuel rose 6.0% over the year, the largest increase since April 2022.

Do the import-price indexes include tariffs?

No, the indexes exclude tariffs.

Why are fuel import prices so high?

Reuters said the war that began when the United States and Israel struck Iran has snarled supply chains and kept oil prices high.

What do markets expect the Federal Reserve to do next?

Markets still expected the Federal Reserve to leave the rate unchanged this month and to raise it in December.

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