WASHINGTON — Import prices were up in September, above the 0.2% gain expected and following a 0.4% decline in August, according to data released by the Bureau of Labor Statistics Friday.
The data suggest import inflation growth remains mild after declines in the previous two months. The data set is likely to get more attention when the full effect of the tariffs can be found in both the import and export price measures.
Overall fuel prices were up 3.8% in the month, with petroleum prices up 4.1%, and natural gas prices down 4.0%.
Import prices were flat excluding petroleum and flat excluding all fuels. There were gains in foods, feeds, and beverages, and industrial supplies and materials, a flat reading for capital goods and a decline in consumer goods ex autos.
Overall import prices were up 3.5% year/year in September after a 3.7% year/year gain the previous month. Prices excluding fuels were up 0.6% year/year and prices excluding petroleum were also up 0.6% year/year.
By region, prices for imports from most industrialized countries were mixed. Import prices from Canada rose 0.7%, due to a 4.4% increase in non-manufacturing goods that was accompanied by a 0.5% decline in manufacturing goods. The latter could rise further as the impact of tariffs is seen.
There were mixed readings in import prices from most other trading partners. Prices from China fell 0.1%, and prices from the EU fell 0.2% in the month, while prices from Mexico rose 0.9%.
Total export prices were flat in September despite a 1.4% decline in agricultural export prices. Export prices excluding agriculture posted a 0.2% gain. Export prices were up 2.7% from a year earlier, but down from the 3.6% year/year gain in August. Export prices excluding agriculture were up 3.3% year/year, while agricultural prices were down 2.3% year/year.
