FX.co ★ US Import Prices Surge in August

U.S. import prices rose 0.7% in August 2026 from the previous month, reversing the 0.3% declines recorded in each of the prior two months and surpassing expectations for a more moderate 0.4% increase. Although wholesale crude oil and fuel prices have climbed globally amid the intensifying war in Iran, the monthly gain in U.S. import prices was driven entirely by nonfuel imports, which advanced 0.8%. By contrast, fuel import prices edged down 0.1%, marking the smallest of three consecutive monthly declines. Importantly, this price index does not reflect the recently imposed tariffs by the presidential administration on various goods. On a year-over-year basis, import prices were up 7.0%.