U.S. import prices surge 1.9% in April as fuel costs post biggest gain since 2022

U.S. import prices rose 1.9% in April 2026, nearly double economists’ expectations, as imported fuel costs jumped 16.3%, the Labor Department said May 14. The increase added to evidence that Middle East disruptions are feeding inflation pressures and reinforcing expectations the Federal Reserve will keep rates elevated. Import prices, which exclude tariffs, followed an upwardly revised 0.9% gain in March. Prices rose 4.2% from a year earlier, the largest annual increase since October 2022, after a 2.3% rise in March. The data followed reports showing consumer prices rose solidly in April and producer prices posted their largest increase in four years. Excluding food and energy, import prices increased 0.7%. Imported capital goods rose 1.1%, consumer goods excluding autos gained 0.4%, while automotive import prices slipped 0.1%. Prices of imports from China rose 0.8%, the biggest increase since July 2008. Canadian import prices jumped 5.6%, the largest rise in four years.