the numbers the cost of imported goods rose 04 in december to mark the first increase in six months but there was little sign of intensifying inflationary pressures economists polled by the wall street journal had forecast a 08 decline higher natural gas prices offset the lower cost of oil and helped account for the increase but the cost of most other imports such as autos consumer goods food and industrial supplies also advanced import prices minus fuel rose 04 last month big picture the cost of imports decline sharply in the second half of 2022 owing to falling oil prices and strong dollar americans are paying a lot less for fuel compared to last summer and a strong dollar made imports cheaper the us is unlikely to benefit as much in 2023 however if oil prices creep higher as expected and the dollar continues to loses some value vs foreign currencies still inflation is slowing in the us and is likely to continue to do so key details the increase in import prices over the past year moved up to 35 from 27 in the prior month but they are still way down from a 14year peak of 13 last march excluding fuel the cost of imports are up an even smaller 19 in the past year fuel prices climbed 06 in december partly reversing a 37 drop in the prior month fuel prices rose 19 in the past 12 months prices of us exports declined 26 last month market reaction the dow jones industrial average djia and sp 500 spx were set to open lower in friday trades