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Food, fuels lift U.S. import prices in September By Reuters

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© Reuters. FILE PHOTO – Shipping containers at the Port of Long Beach/Port of Los Angeles terminal are being unloaded at Los Angeles, California (USA), April 7, 2021. REUTERS/Lucy Nicholson

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WASHINGTON (Reuters] – While U.S. imports rose in September thanks to rising food and energy prices, underlying immigrant inflation was showing signs of reducing.

The Labor Department reported Friday that import prices increased by 0.4% after falling 0.3% last August. After advancing 8.9% last August, prices rose by 9.2% over the 12-month period to September. Reuters economists polled had predicted import prices rising 0.6%, which does not include tariffs.

According to the government, strong rents and food prices pushed up consumer prices in September. However, higher energy costs kept producers prices from rising. Oil has risen to over $80 per barrel.

After dropping 3.0% in August, import fuel prices rose 3.7% last month. The price of petroleum products rebounded by 3.9% while import food prices rose 1.3%

Import prices fell 0.1%, excluding fuel and food. These core import prices, which were 0.1% lower in August than they were in September last year, rose 4.7% in September.

Also, the report revealed that September saw an increase in export prices of 0.1% after August’s 0.4% rise. The prices for agricultural exports dropped 1.7%. Prices for non-agricultural exports rose 0.3% After an August increase of 16.8%, September saw an increase in export prices by 16.3%.

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