WASHINGTON – U.S. import prices rose by 0.2% in October on a 1.4% gain in fuel prices as well as combined 0.2% gain in the other components, according to data released by the BLS.
Petroleum prices rose 1.7% in October, but natural gas prices fell by 6.7%. Import prices rose 0.1% excluding petroleum.
Overall import prices were up 2.5% year/year, while prices excluding fuels were up 1.4% year/year, the largest 12-month gain since a 2.0% rise in March 2012. Prices excluding just petroleum were also up 1.4% year/year, indicating that energy prices were a key driver of imported inflation.
The 0.2% rise in import prices outside of fuels was the result of a sharp 0.9% rise in industrial supplies excluding fuels and a small increase in capital goods prices that offset declines in prices of foods, autos, and consumer goods.
Excluding both fuels and feed, import prices were up 0.2%. The year-over-year rate of increase for this category was 1.3%.
By region, prices for imports from Canada and the EU were higher, offset by declines from Mexico and Japan. Prices from China were flat.
Total export prices held steady in October as agricultural export prices rose 1.9%, but were offset by a combined 0.3% decline in the other components. Export prices were rose 2.7% from a year earlier and were up 2.5% year/year excluding agricultural products.
