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US September import prices post largest monthly gain since June 2016

U.S. import prices rose 0.7% in September, the largest monthly increase since June 2016 and up from 0.6% growth in August, the Bureau of Labor Statistics said.

The price index for fuel imports increased 3.9% after rising 4.4% in August, while all imports, excluding fuel, were up 0.3%, a rate of increase unchanged from the month before.

Year over year, September import prices advanced 2.7%, after gaining 2.1% the month before.

Export prices in September climbed 0.8%, the highest increase since June 2016, after a revised 0.7% gain in August. In annual terms, September export prices rose 2.9%, compared to 2.3% in the previous month. The month's gain was on the back of rising prices for nonagricultural commodities, the bureau said.