WASHINGTON — Import prices rose 0.7% in October, led by a 1.8% increase in fuel prices, the Labor Department reported today.
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The increase followed a revised 0.2% increase in September, originally reported as a 0.1% uptick.
Meanwhile, exports rose 0.3% in October, after a revised 0.2% drop in September, originally reported as a 0.3% decline.
Economists predicted import prices would rise 1.0% in October, according to the median estimate provided by Thomson Reuters.
Year-over-year import prices were down 5.7%, while exports were off 3.4% in the time frame.
