US import and export prices both increased in October, the US Bureau of Labor Statistics reported Thursday.
Prices for US imports increased 0.5 per cent in October after advancing 0.2 per cent in September. It is also the largest monthly increase since a 0.9-per cent rise in May, reports Xinhua.
From October 2017 to October 2018, prices for US imports rose 3.5 per cent and have not recorded an over-the-year decrease in two years when the index declined 0.2 in October 2016.
The price index for import fuels increased 3.3 per cent in October after a 0.7-per cent rise in September. The October rise was the largest monthly advance since a 6.1-per cent increase in May.
Higher prices for both petroleum and natural gas contributed to the advance in October. Prices for petroleum increased 2.8 per cent in October after a 0.9-per cent rise the previous month.
Natural gas prices grew 24.6 per cent in October, the largest monthly increase since a 25.7-per cent advance in November 2017.
Nonfuel import prices advanced 0.2 per cent in October, after recording no change in September. The price index for nonfuel imports increased 0.7 per cent over the past 12 months.
The over-the-year advance was driven mostly by a 3.4-per cent rise in nonfuel industrial supplies and materials, as well as higher prices for consumer goods and automotive vehicles.
US export prices advanced 0.4 per cent in October after recording no change in September. The October rise was the largest monthly increase since the index increased 0.7 per cent in May.
For the 12-month period ending in October, US export prices advanced 3.1 per cent.
Agricultural export prices fell 0.3 per cent in October after declining 6.1 per cent over the previous three months.
The price index for agricultural exports decreased 4.5 per cent over the past year, the largest decline since the index fell 5.2 percent in May 2016.
Prices for non-agricultural exports increased 0.5 per cent in October following a 0.2-per cent rise in September.
The price index for non-agricultural exports increased 3.9 per cent over the past 12 months and has not recorded an over-the-year decline since the index decreased 0.2 per cent in November 2016.
