U.S. Import and Export Prices Flat in September After Recent Increases
Summary
- Import prices unchanged (+0.3% y/y) in Sept. after two straight m/m rises, largely due to a 1.5% drop in fuel import prices.
- Excluding fuels, import prices up 0.2% (0.8% y/y), the third straight m/m increase.
- Export prices unchanged (+3.8% y/y), reflecting a 0.3% rebound in agricultural exp. prices and no change in nonag exp. prices.
Import prices were unchanged m/m in September after rises of 0.1% in August (+0.3% initially) and 0.3% in July (+0.2% previously), according to the Bureau of Labor Statistics. The year-on-year rate stood at +0.3% in September, compared with -0.1% in August and -0.1% in September 2024. Export prices were also unchanged m/m in September after rises of 0.1% in August (+0.3% initially) and 0.3% in July (unrevised). The y/y rate of increase accelerated to 3.8% in September, the highest since December 2022, from 3.2% in August; it was -1.8% in September 2024. The Action Economics Forecast survey had expected a 0.1% m/m decline in both import and export prices for September.
The flat reading for import prices in September reflected a 1.5% drop (-4.0% y/y) in imported fuel prices after a 0.5% decline in August (-0.8% initially). The drop in imported fuel costs reflected price decreases of 3.0% (+62.9% y/y) in natural gas, 2.1% (-6.6% y/y) in fuel oil, 1.8% (-5.0% y/y) in crude oil, and 1.5% (-5.1% y/y) in petroleum & petroleum products. Nonfuel import prices, however, rose 0.2% (0.8% y/y) in September, the third consecutive m/m rise, after a 0.1% uptick in August (+0.4% initially). Import prices for nonfuel industrial supplies & materials (1.2%; 4.1% y/y) and consumer goods excluding autos (0.4%; -0.2% y/y) increased m/m in September. Meanwhile, import prices for foods, feeds & beverages decreased for the seventh straight month (-0.8%; -1.0% y/y) and capital goods (-0.2%; +1.0% y/y) fell m/m for the first time since February 2025; import prices for automotive vehicles & parts recorded no change (-0.8% y/y).
The unchanged m/m export prices in September reflected a rebound in agricultural export prices and no change in nonagricultural export prices. Agricultural export prices rose 0.3% (4.4% y/y) in September after declines of 0.2% in August (0.0% initially) and 0.2% in July (unrevised). Nongricultural export prices held steady m/m (+3.7% y/y) in September after increases of 0.1% in August (+0.3% initially) and 0.3% in July (unrevised). Export prices for capital goods (+2.1% y/y) and industrial supplies & materials (+5.8% y/y) were unchanged m/m in September, while those for foods, feeds & beverages (0.3%; 5.2% y/y), automotive vehicles & parts (0.2%; 2.7% y/y), and consumer goods excluding autos (0.1%; 2.1% y/y) all increased m/m.
These import and export price series are not seasonally adjusted; they can be found in Haver’s USECON database. Detailed figures are available in the USINT database. The expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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