US import prices rose 1.1 per cent in September and 8.1 per cent over twelve months. Fuel prices increased sharply, while nonfuel imports also became more expensive. Food import prices were unchanged as movements within the basket offset each other. Export prices rose 2.2 per cent monthly, with agricultural products recording their largest monthly increase since November 2022.
Economics & Markets··Evening
September import prices climb across fuel and nonfuel goods
US import prices increased 1.1 per cent in September from the preceding month. The US Bureau of Labor Statistics, the federal agency measuring prices and employment, released the September import and export indexes on October 16.[1], [2]
Import prices rose 8.1 per cent over twelve months, their largest annual increase since July 2022. Fuel imports became 4.8 per cent more expensive over the month. Petroleum prices rose 4.6 per cent and natural gas prices 1.6 per cent. The annual increase in fuel import prices reached 34.5 per cent.[1]
Capital goods rise for a second consecutive month
Nonfuel import prices increased 0.7 per cent monthly and 6 per cent annually. Capital goods rose 0.9 per cent for a second consecutive month. Computer peripherals, semiconductors and industrial service machinery became more expensive, while scientific and medical instrument prices fell. Automotive import prices increased 0.3 per cent and other consumer goods rose 0.4 per cent.[1]
Food, feed and beverage import prices were unchanged. Higher prices for vegetables, green coffee and fruit offset lower prices for sugar, fish and shellfish. Nonfuel industrial supplies rose 1.4 per cent over the month, following an increase of 1.3 per cent in August.[1]
Agricultural export prices rise 2.6 per cent
Export prices increased 2.2 per cent in September, after a 1.2 per cent rise in August. Their annual increase reached 11.6 per cent, the largest since July 2022. Agricultural export prices rose 2.6 per cent monthly and 9 per cent annually. The monthly agricultural increase was the largest since November 2022, with higher prices for soybeans, corn and wheat.[1]
