Import prices in the U.S. saw a modest uptick in the month of September, according to a report released by the Labor Department on Thursday.
The report said import prices inched up by 0.1 percent in September after falling by 0.2 percent in August. The uptick in prices matched economist estimates.
The modest increase in import prices reflected a jump in prices for fuel imports, which surged up by 1.1 percent in September after tumbling by 2.4 percent in August.
A 1.2 percent jump in petroleum prices contributed to the increase in fuel prices along with a 0.8 percent increase in natural gas prices.
Excluding the rebound in fuel prices, the Labor Department said import prices price recorded no change in September after edging down by 0.1 percent in the previous month.
Higher prices for capital goods, foods, feeds, and beverages, and automotive vehicles were offset by lower prices for non-fuel industrial supplies and materials.
Meanwhile, the Labor Department also said export prices rose by 0.3 percent in September following a 0.8 percent drop in August. Export prices had been expected to edge up by 0.1 percent.
The bigger than expected increase in export prices came as prices for non-agricultural exports climbed by 0.4 percent in September after falling by 0.6 percent in August.
Rising prices for both non-agricultural industrial supplies and materials and finished goods contributed to the increase.
On the other hand, the report said prices for agricultural exports slumped by 1.0 percent in September after plunging by 3.5 percent in August.
The Labor Department said notable decreases in prices for nuts, soybeans, and corn more than offset higher prices for vegetables and fruit.
Compared to the same month a year ago, import prices were down by 1.1 percent in September, while export prices were down by 1.5 percent.
by RTT Staff Writer
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