Tags: import | prices | tariffs

US Import Prices Surprisingly Flat in September

US Import Prices Surprisingly Flat in September
Cargo containers fill a ship at the Port of Oakland, Aug. 6, 2025, in Oakland, Calif. (Noah Berger/AP)

Wednesday, 03 December 2025 09:20 AM EST

U.S. import prices were unexpectedly unchanged in September as high costs for consumer goods, excluding motor vehicles, were offset by cheaper energy products.

The flat reading in import prices reported by the Labor Department's Bureau of Labor Statistics on Wednesday followed a downwardly revised 0.1% gain in August. Economists polled by Reuters had forecast import prices, which exclude tariffs, rising 0.1% after a previously reported 0.3% advance in August.

In the 12 months through September, import prices increased 0.3%. That was the first year-on-year rise since March and followed a 0.1% dip in August.

The report was delayed by a record 43-day shutdown of the government. The pass-through from tariffs to consumer prices has so far been modest, with economists saying businesses were opting to absorb the duties.

Economists, however, continue to expect an acceleration in the pass-through pace, arguing that a continued decline in margins at businesses was unsustainable and could hamper spending on capital and labor. The government last week reported a surge in producer prices for goods in September, mostly driven by higher food and energy costs.

Imported fuel prices dropped 1.5% in September after easing 0.5% in August. Natural gas prices declined 3.0%. Food prices decreased 0.8%. Excluding fuels and food, import prices rose 0.3%. Core import prices increased by the same margin in August. In the 12 months through September, they advanced 0.8%.

That partly reflects dollar weakness against the currencies of the main U.S. trade partners. The trade-weighted dollar is down about 5.6% this year.

Federal Reserve officials will meet next week to decide on interest rates. As many as five of the 12 voting policymakers on the central bank's rate-setting Federal Open Market Committee have voiced opposition to or skepticism about cutting rates further, while a core of three members of the Washington-based Board of Governors wants rates to fall.

Prices for imported consumer goods excluding motor vehicles increased 0.4%, matching August's rise. Imported capital goods prices fell 0.2% while those for motor vehicles, parts and engines were unchanged.

© 2025 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. import prices were unexpectedly unchanged in September as high costs for consumer goods, excluding motor vehicles, were offset by cheaper energy products.
import, prices, tariffs
336
2025-20-03
Wednesday, 03 December 2025 09:20 AM
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