WASHINGTON – The cost of goods brought into the United States climbed sharply in February, reaching levels not seen in nearly four years as energy expenses soared amid growing tensions in the Middle East, according to federal data released Wednesday.
The Bureau of Labor Statistics reported that import costs rose 1.3% during February, marking the steepest monthly climb since March 2022. This surge followed a revised 0.6% increase in January. Financial analysts had predicted a more modest 0.5% rise, significantly lower than the actual figures.
Over the full 12-month period ending in February, import costs climbed 1.3%, representing the largest annual increase since February 2025 and a sharp jump from January’s 0.3% yearly gain.
The February spike adds to mounting evidence that inflation pressures are building. Federal officials reported last week that producer costs also jumped by their largest margin in seven months during February, with both goods and services seeing widespread price increases.
A Tuesday survey from S&P Global revealed that companies faced higher costs for materials in March and responded by raising their own prices, citing soaring energy expenses and supply chain problems. Oil prices have climbed more than 30% since the U.S.-Israeli conflict with Iran began in late February, while fertilizer costs have also increased, threatening to drive food prices higher.
These war-related pressures compound existing challenges from import duties that companies continue to gradually shift to consumers.
Fuel import costs bounced back 3.8% in February after falling 1.2% the previous month.
