WASHINGTON — Import prices edged higher in September increasing 0.1% as rising prices for goods offset a decline in fuel prices, the Labor Department reported today.
Non-fuel import prices for goods such as industrial materials, finished goods and food, rose 0.6%, the largest increase since July 2008. Fuel import prices declined 1.8% in September, the second decrease in three months.
Economists predicted import prices would rise 0.2% in September, according to the median estimate provided by Thomson Reuters.
Import prices for August were revised lower to a 1.6% increase from a 2.0% rise that was initially reported. The import price increases in August were primarily due to a 7.1% rise in fuel prices.
Import prices declined 12.0% for the year ending in September. Non-fuel imports fell 4.1% in the period.
Industrial supply and material prices increased 0.2% and have increased 27.1% since January. Supply and material prices excluding fuel increased 2.8%, the largest increase since April 2008, driven by higher prices for copper, iron and other unfinished metals.
The price of goods imported from China, the largest U.S. trading partner, decreased 0.1% for the month. Import prices increased 0.1% from Canada and 0.5% from European Union countries.
The import price index is the first of three monthly inflation gauges released by the Labor Department.
Export prices fell 0.3% led by a 2.8% drop in agricultural prices. Export prices increased 0.7% in August.
