Import prices in January 2008

The U.S. Import Price Index increased 1.7 percent in January, led by a 5.5-percent increase in petroleum prices. The overall increase followed a 0.2-percent decline in December.

[Chart data—TXT]

The overall index, which had risen 3.1 percent in November and 1.5 percent in October, is up 13.7 percent over the past 12 months, the largest year-over-year increase since the index was first published in September 1982.

The 5.5-percent increase in petroleum prices was the largest contributor to the January increase. Petroleum prices also led the overall increase in import prices over the past year, rising 66.9 percent over that period.

Nonpetroleum prices also advanced in January, rising 0.6 percent. The increase in nonpetroleum prices in January followed increases of 0.3 percent in December and 0.6 percent in November. Over that past 12 months, prices for nonpetroleum imports rose 3.6 percent.

These data are from the BLS International Price program. Import price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes -- January 2008" (PDF) (HTML), news release USDL 08-0205.