US Import Prices Edge Higher Year-on-Year in November

US import prices rose 0.1% year-over-year in November 2025, according to delayed data from the Bureau of Labor Statistics. Figures for October were unavailable due to last fall’s US government shutdown. Nonfuel import prices increased 0.7% on a 12-month basis, as higher prices for nonfuel industrial supplies and materials and capital goods more than offset declines in automotive vehicles, foods, feeds, and beverages, and consumer goods. In contrast, fuel import prices fell 6.6%, the largest year-on-year drop since August 2025, reflecting an 8.4% decline in petroleum prices, despite a 51.4% surge in natural gas import prices. Over the two months through November, import prices rose 0.4%, driven by a 0.6% increase in nonfuel import prices, which outweighed a sharp 2.5% decline in fuel prices.