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U.S. Import Price Index increased 0.2% in October
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U.S. import prices advanced 0.2 percent in October, the U.S. Bureau of Labor Statistics reported today, after increasing 0.8 percent in September. U.S. export prices recorded no change in October, after increasing 0.7 percent in September.
Imports
All Imports: Import prices increased 0.2 percent in October, after rising 0.8 percent in September. The price index for all imports rose 1.6 percent over the past 3 months. Higher prices for fuel and nonfuel imports contributed to the overall rise in import prices for October. U.S. import prices increased 2.5 percent for the year ended in October.
Fuel Imports: The price index for fuel imports advanced 1.4 percent in October following a 5.5-percent rise in September. Fuel import prices increased 11.1 percent over the past 3 months. The October increase was driven by higher petroleum prices which advanced 1.7 percent, more than offsetting a 6.7-percent drop in natural gas prices. Fuel import prices rose 13.2 percent over the past 12 months; petroleum prices were the primary contributor, advancing 14.9 percent. Import prices for natural gas fell 18.2 percent over the past year.
All Imports Excluding Fuel: Prices for nonfuel imports rose 0.2 percent in October following a 0.3-percent advance in September. The increase in October was driven by nonfuel industrial supplies and materials prices which advanced 0.9 percent; higher prices for capital goods also contributed to the overall increase. Import prices for automotive vehicles; consumer goods; and foods, feeds, and beverages all declined in October limiting the monthly advance. The price index for nonfuel imports rose 1.4 percent over the past 12 months, the largest over-the-year increase since a 2.0-percent advance for the year ended March 2012.
All Exports: U.S. export prices recorded no change in October following 0.7-percent increases in September and August. The index has not recorded a decline since a 0.1-percent drop in June. Higher prices for agricultural exports were offset by lower prices for nonagricultural exports. The price index for exports advanced 2.7 percent over the past year.
Agricultural Exports: The price index for agricultural exports increased 1.9 percent in October, the largest monthly rise since a 2.5-percent advance in June 2016. Higher vegetable prices drove the October increase, more than offsetting lower prices for soybeans and meats. Agricultural export prices increased 3.5 percent over the past year. Increasing vegetable and meat prices were the primary contributors to the 12-month advance.
All Exports Excluding Agriculture: Nonagricultural export prices declined 0.3 percent in October following a 0.9-percent rise in September. In October, the index recorded the first monthly decline since a 0.4-percent decrease in May. Lower prices for nonagricultural industrial supplies and materials drove the decrease, and automotive prices also contributed to the overall decline. In contrast, capital goods and consumer goods prices increased in October. Despite the monthly decline in October, the price index for nonagricultural exports increased 2.5 percent over the past year. Higher nonagricultural industrial supplies and materials prices were the primary contributor to higher prices over the 12-month period.
Posted: November 16, 2017 Thursday 08:30 AM