2017.10.1709:13:00UTC+00U.S. Import And Export Prices Increase More Than Expected In September

U.S. import and export prices both increased by more than anticipated in the month of September, according to a report released by the Labor Department on Tuesday.

The report said import prices climbed by 0.7 percent in September after rising by 0.6 percent in August. Economists had expected import prices to increase by 0.5 percent.

The bigger than expected increase in import prices was largely due to a continued jump in prices for fuel imports, which surged up by 3.9 percent in September after soaring by 4.4 percent in August.

The Labor Department said a 4.5 percent spike in petroleum prices more than offset a 7.8 percent slump in natural gas prices.

Excluding fuel prices, import prices rose by 0.3 percent in September, matching the increase seen in the previous month.

The uptick in non-fuel import prices was partly due to a 1.4 percent jump in prices for non-fuel industrial supplies and materials.

The Labor Department also said export prices advanced by 0.8 percent in September after climbing by an upwardly revised 0.7 percent in August.

Export prices had been expected to rise by 0.4 percent compared to the 0.6 percent increase originally reported for the previous month.

Prices for non-agricultural exports surged up by 1.0 percent in September after increasing by 0.8 percent in August amid rising prices for non-agricultural supplies and materials.

On the other hand, the report said prices for agricultural exports fell by 0.7 percent in September after inching up by 0.1 percent in August. Lower prices for meat, wheat, and corn drove the decline

Compared to the same month a year ago, imports prices were up by 2.7 percent in September and export prices were up by 2.9 percent.