WASHINGTON — Import prices jumped 0.9% in October, as both fuel and non-fuel imports rose, the Labor Department reported Wednesday morning. However, the rise was just shy of economists’ expectations.
Overall export prices increased 0.8% in October, the third consecutive monthly increase, led by a 2.5% jump in agricultural export prices.
Import prices excluding fuel increased 0.3% and prices excluding petroleum rose 0.4%.
Fuel import prices, which dropped 1.7% in September, jumped 3.0% in October, led by increased imports of crude and petroleum product prices. It was the largest increase since January’s 4.4% jump in fuel imports.
However, economists had expected overall import prices would rise 1.2%.
The headline 0.9% October gain came after Labor upwardly revised September import prices to a 0.1% decline from the originally reported 0.3% decrease.
For the year ending in October, import prices increased 3.6%.