Export prices rise 1.5% in October

• October Import/Export Prices: Import prices +1.2% M/M vs. +0.9% consensus and +0.4% prior.
• Marks the largest monthly advance since a 1.3% increase in May. Before October, import prices advanced 0.5% from June to September. Prices of U.S. imports rose 10.7% from October 2020 to October 2021.
• Import fuel prices increased 8.6% in October, with higher petroleum and natural gas prices contributing to the advance.
• Foods, feeds, and beverage  prices rose 0.8%, led by a 5.6% increase in meat prices and a 1.1% rise in fish and shellfish prices.
• Export prices: +1.5% M/M vs. +0.7% consensus and +0.4% prior (revised from +0.1%), the largest one-month price increase since a 2.3% increase in May 2021.
• The price index for U.S. exports climbed 18.0% over the past year, the largest 12-month increase since the series was first published in September 1983.
• Prices for agricultural exports rose 1.0% in October, with higher prices for wheat, other animal feeds, cotton, meat, and dairy products more than offsetting lower soybean  prices.
• The nonagricultural price index advanced 1.5% M/M, with higher prices in nonagricultural industrial supplies and materials, capital goods, automotive vehicles, consumer goods, and nonagricultural foods.