Tags: Import | Prices | Fall | Oil | Drop | Offsets | Food

Import Prices Fall as Oil Drop Offsets Food Gains

Wednesday, 13 Oct 2010 09:40 AM

U.S. import prices fell 0.3 percent in September, as a big drop in petroleum prices offset gains in food and other non-fuel goods, a U.S. Labor Department report showed Wednesday.

Excluding petroleum, prices rose 0.3 percent after increasing 0.2 percent in August.

The September decline in overall import prices followed a 0.6 percent rise in August.

Analysts surveyed before the report had expected import prices to fall 0.2 percent in September.

Petroleum and fuel import prices both fell 3.1 percent in September in their first month-to-month declines since June.

In the 12 months through September, overall import prices rose 3.5 percent. That year-to-year rise has fallen from a high of 11.4 percent in January.

In recent months, the year-on-year rise in non-petroleum import prices also has slowed. In the 12 months through September, they were up 2.9 percent.

However, a weakening U.S. dollar on expectations the Federal Reserve will ease monetary policy further could push the price of many imported goods higher in coming months.

U.S. export prices rose 0.6 percent in September, much more than a consensus forecast for a 0.2 percent increase before the report. It was the second consecutive monthly increase.

Agricultural export prices led the way, rising 2.4 percent, while food, feed and beverage prices were up 2.2 percent.

Compared to September last year, export prices were up 5.0 percent.

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U.S. import prices fell 0.3 percent in September, as a big drop in petroleum prices offset gains in food and other non-fuel goods, a U.S. Labor Department report showed Wednesday. Excluding petroleum, prices rose 0.3 percent after increasing 0.2 percent in August. The...
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2010-40-13
 

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