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US import prices unexpectedly rose in September

U.S. import prices unexpectedly went up month over month in September, registering the first increase since May, according to the latest data from the Bureau of Labor Statistics.

The import price index rebounded with a 0.2% rise in September, following a 0.2% fall in the previous month. The consensus estimate of economists polled by Econoday was for a 0.1% decrease in import prices.

The last time the import price index recorded a monthly increase was in May, when prices also rose 0.2%. The index has not recorded an increase higher than 0.2% since a 0.6% gain in March.

The overall gain in import prices was attributed to a 2.1% rise in fuel import prices, which followed a 1.9% drop in August. Nonfuel imports ticked down 0.1% in September.

The export price index edged down 0.2% month over month after declining 0.6% in August. Prices for agricultural exports dragged the index, falling 1.8%.

Prices for exports of nonagricultural exports slipped 0.1%. Prices of exported foods, feeds and beverages dropped 1.6%.

Excluding food and fuel, import prices were flat in September while export prices were down 0.1%.

On an annual basis, import and export prices slid 1.6% each in September.