US import prices rose 1.9% month-over-month in April 2026, the most since March 2022 and well above market expectations for a 1% increase, following gains of 0.9% in March and 1% in February. The rise was largely driven by a sharp jump in fuel and lubricant prices, which climbed 16.3% after increasing 10% the previous month. It marked the biggest monthly advance since March 2022. Petroleum and petroleum product prices surged 19% as the war in Iran drove crude oil prices sharply higher, more than offsetting a 22.1% decline in import natural gas prices. Nonfuel import prices also increased 0.8% in April after a 0.2% rise in March, supported by higher costs for capital goods, industrial supplies, consumer goods and food products, while automotive prices declined. On an annual basis, US import prices advanced 4.2% from April 2025 to April 2026, matching the strongest yearly increase since October 2022.