U.S. import prices up 0.2% in January on higher nonfuel prices; export prices rise 0.6%

BLS import/export prices for January 2026 printed firmer on the margin: import prices +0.2% m/m (after +0.2% in Dec) and export prices +0.6% m/m (after +0.6%). Within imports, nonfuel prices rose +0.5% m/m, while fuel import prices fell -2.2% m/m, keeping headline import inflation modest but showing continued stickiness in core/tradeable goods pricing. For precious metals, the key line item is in “nonfuel industrial supplies and materials,” up +0.9% m/m (after +1.6%), where BLS notes higher prices for finished metals shapes/advanced manufacturing offset by **lower prices for “nonmonetary gold and other precious metals.”** On a y/y basis, overall import prices are -0.1% (Jan 2025 to Jan 2026), while nonfuel import prices are +1.2% y/y; fuel imports are -13.4% y/y (petroleum -15.9% y/y, natural gas +36.4% y/y). Market implications: the report is broadly consistent with **firm nonfuel/capital goods import inflation** (potentially hawkish at the margin for the Fed narrative) while energy disinflation continues to cap the headline. The explicit mention of softer “nonmonetary gold and other precious metals” in the import basket is a **near-term negative read-through for bullion pricing/PM complex**, but the broader message is more about macro inflation dynamics than direct bullion demand. Traders should watch how this feeds into rates/real yields and USD pricing—primary near-term drivers for gold. Data-quality/catalyst note: BLS flags ongoing disruptions from the Oct–Nov 2025 federal shutdown, with some October 2025 MXP values permanently suppressed and delayed MXP publication schedules; this adds modest uncertainty around historical comparisons and revisions in the near term.