Economic Buzz: US Import Prices Drop By 1.2% In September

17 Oct 2022 , 09:58 AM

The Labor Department released a report on Friday showing another steep drop in U.S. import prices in the month of September. The report showed import prices plunged by 1.2 percent in September after tumbling by a revised 1.1 percent in August. Prices for fuel imports continued to lead the way lower, plummeting by 7.5 percent for the second consecutive month. The report also showed the annual rate of import price growth slowed dramatically to 6.0 percent in September from 7.8 percent in August. The Labor Department also said export prices fell by 0.8 percent in September after plunging by a revised 1.7 percent in August. The annual rate of growth in export prices represented the smallest 12-month advance since a 5.4 percent increase in February 2021.Powered by Commodity Insights