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U.S. import prices fell 0.2 percent in January 2023

February 23, 2023

Prices for U.S. imports fell 0.2 percent in January and have not recorded a monthly advance since June 2022. In total, U.S. import prices declined 4.9 percent from June 2022 to January 2023.

1-month and 12-month percent changes in U.S. import prices
Month 1-month change 12-month change
All imports Fuel imports Nonfuel imports All imports Fuel imports Nonfuel imports

Jan 2022

2.0% 7.3% 1.4% 10.8% 58.4% 7.0%

Feb 2022

1.8 10.6 0.8 11.4 57.9 7.4

Mar 2022

2.9 17.8 1.2 13.0 72.3 7.7

Apr 2022

0.5 0.8 0.4 12.5 70.6 7.2

May 2022

0.5 6.1 -0.3 11.6 72.0 5.9

Jun 2022

0.2 5.6 -0.6 10.7 73.2 4.6

Jul 2022

-1.4 -6.9 -0.5 8.8 56.6 4.1

Aug 2022

-1.2 -8.6 -0.2 7.7 46.4 3.9

Sep 2022

-1.0 -6.3 -0.3 6.1 32.5 3.5

Oct 2022

-0.3 -2.2 -0.1 4.2 16.7 2.9

Nov 2022

-0.8 -3.9 -0.3 2.7 9.4 2.0

Dec 2022

-0.1 -4.4 0.4 3.0 13.3 1.9

Jan 2023

-0.2 -4.9 0.3 0.8 0.4 0.8

Despite the recent declines, prices for U.S. imports rose 0.8 percent over the past year. The 12-month increase in January was the smallest over-the-year rise since import prices fell 0.3 percent from December 2019 to December 2020.

From December 2022 to January 2023, fuel import prices decreased 4.9 percent while nonfuel import prices increased 0.3 percent. From January 2022 to January 2023, fuel import prices increased 0.4 percent while nonfuel import prices increased 0.8 percent.

These data are from the International Price program and are not seasonally adjusted. To learn more, see "U.S. Import and Export Price Indexes — January 2023." Also see charts on U.S. import and export prices. Import price data may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. import prices fell 0.2 percent in January 2023 at https://www.bls.gov/opub/ted/2023/u-s-import-prices-fell-0-2-percent-in-january-2023.htm (visited October 31, 2024).

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