US import, export prices rise in October

By Ovunc Kutlu

ANKARA (AA) - Import and export prices in the US increased in October, more than market expectations, according to data announced by the Labor Department on Tuesday.

Import prices rose 1.2% in October, higher than the market estimate of 1%, after increasing 0.4% in September, the Labor Department's Bureau of Labor Statistics said in a statement.

While this marked the largest monthly increase since May, "higher fuel and nonfuel prices contributed to the October increase," it said.

"In October, higher petroleum and natural gas prices contributed to the advance. Petroleum prices rose 8.1% in October, the largest monthly increase since March 2021. Prices for natural gas also advanced in October, rising 19.7%," it added.

On an annual basis, prices for US imports rose 10.7% in October, from the same period last year, posting the largest year-on-year increase since June 2021.

Export prices advanced 1.5% in October, again higher than the market estimate of 0.9%, after increasing 0.4% in September.

"In October, higher prices for both agricultural exports and nonagricultural exports contributed to the overall advance," the statement said.

On an annual basis, prices for US exports soared 18% in October, from the same period a year ago, marking the largest year-on-year increase since the data was first published in September 1983.