WASHINGTON – The cost of goods imported into the United States climbed in January, driven by more expensive capital equipment despite lower energy prices, according to federal data released Thursday.
The Bureau of Labor Statistics reported that import costs increased 0.2% last month, matching the upwardly adjusted December figure. This aligned with forecasts from economists surveyed by Reuters, who predicted the 0.2% monthly increase after an initially reported 0.1% December rise.
Over the full year through January, import costs dropped 0.1% compared to remaining flat in December. The data release faced delays due to last year’s government shutdown, which lasted 43 days and prevented October survey collection, causing the bureau to skip publishing October and November import price changes.
Officials indicated that ongoing effects from the 2025 government shutdown will continue delaying future import price reports.
Energy imports became cheaper, with fuel prices dropping 2.2% in January following a 1.1% decrease the previous month. Food import costs grew 0.2%. When removing fuel and food from calculations, core import prices jumped 0.5%, up from December’s 0.3% increase.
Annual core import price growth reached 1.6% through January, partially reflecting the weakening dollar against currencies of major trading partners. The trade-weighted dollar fell 7.37% in 2025 and has declined approximately 1.61% year-to-date.
Capital goods imports drove much of the increase, rising 0.4% with nonelectrical machinery leading at 0.5% growth. Consumer goods imports excluding automobiles edged up 0.1%, while vehicle, parts and engine prices gained 0.2%.
Air passenger fares for imports dropped significantly by 10.1% after a 6.4% increase previously, as reduced Asian and Latin American/Caribbean rates outweighed higher European costs. These airfare changes factor into Personal Consumption Expenditures calculations, the inflation metric the Federal Reserve uses for its 2% target.
While recent government data showed modest consumer price increases in January, producer inflation picked up pace. Before Thursday’s import data, economists projected the core PCE index could rise as much as 0.5% in January, potentially pushing annual growth to 3.1%.
December’s core PCE inflation stood at 0.4% monthly and 3.0% annually. The government plans to release January’s delayed PCE inflation report next Friday.
