US Import Prices Rose More Than Expected Last Month
Growth of the US import prices accelerated last month, but prices excluding fuels were unchanged. The US Labor Department reported, that import prices rose 0.5% in September and showed the largest increase since May. Economists had forecast import prices rising 0.2% in September. On annual basis, import prices rose 3.5% in September after a 3.8% in August. Core import prices rose 1% in the 12 months through August.
Meanwhile, export prices were unchanged in September after declining 0.2% in August. Export prices rose 2.7% on a year-on-year basis in September after rising 3.5% in August.
Rise in import prices was caused by resurgent energy prices. Last month, prices for imported fuels and lubricants rose 3.8%, after falling 2.2% in August and showed the largest increase since May. Food prices advanced 2% in September after rising 0.3% in August. Excluding fuels and food, import prices fell 0.1% in September after slipping 0.2% in August.