U.S. Import and Export Prices Rise in November Despite Government Shutdown

U.S. import prices rose 0.4% over the two months from September 2025 to November 2025, while export prices increased 0.5% in the same period, according to the Bureau of Labor Statistics. Over the 12 months to November 2025, import prices were up 0.1%. Fuel imports fell 2.5% in the 2-month period and dropped 6.6% year-over-year, with petroleum down 8.4% but natural gas up 51.4%. Nonfuel imports rose 0.6% in the two months and 0.7% over the year. Foods, feeds, and beverages fell 2.0% year-over-year, the biggest drop since April 2020. Nonfuel industrial supplies and materials rose 4.6% over the past 12 months, driven by higher prices for nonferrous metals-crude, finished metals shapes and advanced manufacturing and agricultural products. Finished goods showed mixed results, with capital goods increasing 1.5% year-over-year, the largest gain since March 2023, supported by higher prices for computers, peripherals, semiconductors, and service machinery. Import automotive vehicles fell 1.4% and consumer goods declined 0.3% in the 12 months to November 2025.