Import Prices up 0.9 Percent, Export Prices up 2.3 Percent Over the Year Ended January 2021

U.S. import prices rose 0.9% for the year ended in January 2021, the first over-the-year increase since January 2020 and the largest 12-month advance since prices increased 3.4% from October 2017 to October 2018.

Import fuel prices decreased 13.4% for the year ended in January. A 14.3% decline in petroleum prices more than offset an 11.3% advance in natural gas prices. The 12-month decrease in fuel prices was the smallest over-the-year drop for the index since February 2020.

Prices for nonfuel imports increased 2.5% over the past 12 months, primarily driven by rising nonfuel industrial supplies and materials prices.

U.S. export prices rose 2.3% for the year ended in January 2021, the largest 12-month increase since prices advanced 3.1% in October 2018.

Prices for agricultural exports rose 9.4% over the past year, the largest 12-month increase since prices advanced 9.6% in June 2013. The rise from January 2020 to January 2021 was led by a 41.5% increase in soybean prices and a 27.7% advance in corn prices.