U.S. Import Prices Rise 1.1% in September, Exceeding Economists' Forecasts

Key Facts

U.S. import prices rose 1.1% in September, according to a Bureau of Labor Statistics report released on October 16, with increases extending to fuel, capital goods, consumer goods and vehicles. The rise exceeded expectations among economists polled by Reuters, who had forecast a monthly increase of 0.8%. Monthly price growth accelerated from August, whose reading was revised down to 0.5%, according to Reuters. Import prices rose 8.1% year-on-year in September, according to the bureau, as prices of goods exported from the United States also increased. The annual increase in import prices stood at a revised 6.7% in August, according to Reuters' report published on the release date.

Fuel import prices rose 4.8% month-on-month in September, according to the Bureau of Labor Statistics, outpacing nonfuel imports. Import prices excluding fuel increased 0.7% during the same month, with other goods also contributing to the gains. Import prices excluding food and fuel rose 6.2% year-on-year, according to the bureau's index components table. By origin, prices of imports from China rose 0.7% month-on-month in September. The index excludes tariffs, with the bureau stating in its definition that "goods prices used to calculate import and export price indexes exclude tariffs."

Among nonfuel import components, capital goods prices rose 0.9% in September, according to the Bureau of Labor Statistics table. Prices of imported consumer goods excluding vehicles increased 0.4% month-on-month, contributing to the gains alongside goods used in investment activity. Import prices for vehicles, parts and engines rose 0.3% during the same month, according to the bureau. Capital goods prices therefore increased faster than prices for both consumer goods and vehicles and their components. All three import categories posted gains, with vehicles, parts and engines recording the slowest pace of increase in September.

On the export side, U.S. prices rose 2.2% in September, according to the Bureau of Labor Statistics, a faster monthly increase than import prices. Export prices had risen 1.2% in August, according to the bureau's export components table, before accelerating the following month. Export prices increased 11.6% year-on-year in September, exceeding the annual pace of import price growth. Agricultural export prices rose 2.6% during the month, outpacing nonagricultural exports. Nonagricultural export prices increased 2.1% month-on-month, with both categories contributing to the rise in prices of U.S. goods sold abroad.

Higher soybean, corn and wheat prices drove the increase in agricultural export prices, according to the Bureau of Labor Statistics' September release. The rise in foreign trade prices coincided with increases in U.S. producer and consumer prices during the same month. The producer price index for final demand rose 1.3% month-on-month on a seasonally adjusted basis, according to the bureau's release. The consumer price index increased a seasonally adjusted 0.6% in September, a slower monthly pace than producer prices. Annual consumer price inflation excluding food and energy stood at 2.6%, according to the bureau's consumer price release.

In the trading session on the day the import and export price report was released, Reuters described Wall Street stocks as mixed. The dollar fell against a basket of currencies, according to the agency, alongside the mixed stock performance. U.S. Treasury yields also declined during the same session, according to Reuters. The Bureau of Labor Statistics will release its next import and export price report on November 17, 2026, covering price movements in October. The bureau scheduled the release for 8:30 a.m. U.S. Eastern Time.