Import prices resume upward trend in Sept

12 Oct '07

3 min read

The U.S. Import Price Index increased 1.0 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported following a 0.3 percent drop in August. Export prices also advanced in September, rising 0.3 percent after a 0.2 percent increase in August.

Import Goods:
Import prices resumed an upward trend in September, rising 1.0 percent for the month and 5.2 percent over the past 12 months. In contrast, nonpetroleum import prices edged down 0.2 percent in September, following a 0.1 percent drop in August. For the year ended in September, nonpetroleum import prices rose 2.0 percent.

The price indexes for automotive vehicles and consumer goods each rose 0.2 percent in September. Consumer goods prices rose 0.2 percent for the third consecutive month. In September, higher prices for cotton apparel and household goods contributed to the advance.

Import prices for capital goods were unchanged in September, following a 0.2 percent increase in August.

Export Goods:
Prices for overall exports continued an upward trend in September, rising 0.3 percent after a 0.2 percent advance in August. The increase was driven by a 4.1 percent rise in agricultural prices as nonagricultural prices were unchanged. The rise in agricultural prices was the largest one-month increase this year and followed advances of 1.1 percent in August and 1.6 percent in July.

Agricultural prices rose 23.3 percent over the past year. Nonagricultural prices continued to register little movement, recording no change in September after a 0.1 percent rise in August and a 0.1 percent decline in July. The price index for nonagricultural goods advanced 2.9 percent for the year ended in September, while overall export prices rose 4.5 percent for the same period. Consumer goods prices were unchanged in September and up 2.1 percent over the past year.

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