Financial News: U.S. Import Prices Unexpectedly Rise 0.3% In October

U.S. Import Prices Unexpectedly Rise 0.3% In October

11/15/2024 - 10:19:00 (RTTNews)

(RTTNews) - The Labor Department released a report on Friday showing an unexpected increase by import prices in the U.S. in the month of October.

The report said import prices rose by 0.3 percent in October after falling by 0.4 percent in September. Economists had expected import prices to edge down by 0.1 percent.

The unexpected increase by import prices was partly due to a notable rebound by prices for fuel imports, which jumped by 1.5 percent in October after plunging by 7.5 percent in September.

Excluding fuel imports, import prices rose by 0.2 percent for the second consecutive month amid higher prices for non-fuel industrial supplies and materials, capital goods, consumer goods and automotive vehicles.

The Labor Department also said import prices in October were up by 0.8 percent compared to the month a year ago after edging down by 0.1 percent year-over-year in September.

"Import prices surprised to the upside in October, with a larger than expected rise in fuel prices driving the gain," said Matthew Martin, Senior U.S. Economist at Oxford Economics. "Given the downward trend in oil prices in recent weeks, the increase will be reversed in next month's report."

Meanwhile, the report said export prices climbed by 0.8 percent in October following a revised 0.6 percent decrease in September.

Export prices were expected to slip to 0.1 percent compared to the 0.7 percent decline originally reported for the previous month.

The unexpected advance by export prices came as prices for agricultural exports surged by 2.0 percent in October after climbing by 0.9 percent in September.

Prices for non-agricultural exports also rose by 0.6 percent in October after falling by 0.8 percent in the previous month.

Despite the monthly increase, export prices were down by 0.1 percent year-over-year in October, although that compares to a 2.1 percent slump in September.

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