• Main
  • Analytics
  • Market News
  • U.S. import-price index drops as expected in September
Economic news
16.10.2024

U.S. import-price index drops as expected in September

The report released by the Labor Department on Wednesday showed the U.S. import-price index dropped 0.4 per cent m-o-m in September, following an upwardly revised 0.2 per cent m-o-m decline (from -0.3 per cent m-o-m) in August. This was the steepest monthly fall in the U.S. import prices since December 2023 (-0.7 per cent m-o-m). 

Economists had expected import prices to decrease 0.4 per cent m-o-m last month.

According to the report, the September decline was due to a 7.0 per cent m-o-m tumble in fuel import prices. Meanwhile, prices for non-fuel imports edged up 0.1 per cent m-o-m.

Over the 12-month period that ended in September, import prices slipped 0.1 per cent, recording the first 12-month drop since February (-0.9 per cent)), which reflected a 17.3 per cent plunge in fuel prices that was partially offset by a 1.8 per cent advance in non-fuel prices. 

The report also revealed that the price index for U.S. exports declined 0.7 per cent m-o-m in September, following a downwardly revised 0.9 per cent m-o-m fall (from -0.7 per cent m-o-m) in the previous month.

Economists had forecast export prices to decrease 0.4 per cent m-o-m in September.

The September drop in the U.S. export-price index was driven by a 0.9 per cent m-o-m slump in prices for non-agricultural exports. Meanwhile, prices for agricultural exports demonstrated a 0.6 per cent m-o-m increase.

Over the past 12 months, the price index for exports fell 2.1 per cent, undermined by a 5.3 per cent decline in prices of agricultural exports and a 1.8 per cent m-o-m drop in prices of non-agricultural exports. This marked the sharpest 12-month decrease since January (-2.4 per cent).

See also