Import prices increases 0.4% in September, the largest 1-month increase since June

• September Import/Export Prices: Import prices +0.4% M/M vs. +0.6% consensus and -0.3% prior.
• The advance in September was driven by higher fuel prices. U.S. export prices ticked up 0.% in September following advances of 0.4% in August and 1.1% in July.
• The September rise was the largest 1-month increase since the index rose 1.1% in June.
• Prices for import fuel increased 3.7% in September, after decreasing 3% the previous month; advance was primarily led by higher petroleum prices; natural gas prices also rose.
• Export prices: +0.1% M/M vs. +0.6% consensus and +0.4% prior.
• The price index for U.S. exports has not recorded a monthly decline since the index fell 3.5% in April 2020.
• In September, higher prices for nonagricultural exports more than offset lower prices for agricultural exports; U.S. export prices advanced 16.3% over the past year.
• The price index for agricultural exports declined 1.7% in September following a 0.9% advance in August and a 1.7% drop in July.