WASHINGTON – U.S. import prices rose by 0.7% in September on a 3.9% gain in fuel prices as well as combined gain in the other components, according to data released by the Bureau of Labor Statistics Tuesday.
Petroleum prices rose 4.5% in September, offset by a 7.8% decline in natural gas prices. The BLS had no comment regarding the hurricane impacts.
Import prices rose 0.3% excluding petroleum and were also up 0.3% excluding all fuels.
Overall import prices were up 2.7% year/year, while prices excluding fuels were up 1.3% year/year and prices excluding petroleum were up 1.2% year/year, indicating that energy prices were the key driver of imported inflation.
The 0.3% gain in import prices outside of fuels was the result of price increases for foods, industrial supplies outside of fuels, capital goods, and autos. There was some offset from a 0.1% decline for consumer goods prices.
Excluding both fuels and feed, import prices were up 0.2%. The year-over-year rate of increase for this category was 1.1%.
By region, prices for imports from Canada, the EU, Mexico and Japan were all higher, while prices from China were flat.
Total export prices rose 0.8% in September as agricultural export prices fell 0.7%. Export prices excluding agriculture were up 1.0%.
Export prices were up 2.9% from a year earlier and were still up 3.0% excluding agricultural.
