U.S. import prices rose 0.9 percent in October, the U.S. Bureau of Labor Statistics reported today, after edging down 0.1 percent in September. Higher fuel and nonfuel prices contributed to the increase in October. Export prices advanced for the third consecutive month in October, rising 0.8 percent. All Imports: The price index for overall imports increased 0.9 percent in October, the largest monthly advance for the index since a 1.1 percent advance in April. The October rise was also only the second one- month upturn since the April increase. Despite the downward trend between May and September, import prices rose 3.6 percent over the past 12 months. Fuel Imports: A 3.0 percent advance in fuel prices in October accounted for approximately two thirds of the increase in overall import prices. The October rise in fuel prices was the largest monthly advance since a 4.4 percent increase in January, and was driven by a 3.3 percent advance in petroleum prices, which more than offset a 2.3 percent drop in the price index for natural gas. Fuel prices increased 7.9 percent for the year ended in October, while petroleum and natural gas prices rose 7.6 percent and 9.5 percent, respectively, over the same period. All Imports Excluding Fuel: Nonfuel prices rose 0.3 percent for the third consecutive month in October. Rising prices for nonfuel industrial supplies and materials and foods, feeds, and beverages led the advance, while prices for finished goods were mixed. The price index for nonfuel imports increased 2.5 percent over the past 12 months, driven by an 11.8 percent jump in the nonfuel industrial supplies and materials prices.”
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