Import Prices See Biggest Spike Since August 2022

The Bureau of Labor Statistics Import and Export Price Index rose at its fastest rate year-over-year (YOY) since August 2022. 

From May 2025 to May 2026, import prices rose 6.7 percent, driven by a 45.1 percent increase in fuel and lubricant import prices. Export prices rose 11.2 percent over the same period led by prices for nonagricultural exports, which rose 11.8 percent YOY.

Prices for U.S. imports rose 1.9 percent from April to May, following a similar increase from March to April of two percent. Export prices experienced a similar increase month-over-month of 1.3 percent, the sixth consecutive increase in the index. 

Iran’s closure of the Strait of Hormuz significantly drove up energy prices, increasing the prices of both imports and exports in the United States.