| Consensus | Consensus Range | Actual | Previous | |
|---|---|---|---|---|
| Import Prices - M/M | -0.1% | -0.2% to 0.1% | 0.3% | -0.4% |
| Import Prices - Y/Y | 0.8% | -0.1% | ||
| Export Prices - M/M | -0.1% | -0.2% to 0.1% | 0.8% | -0.7% |
| Export Prices - Y/Y | -0.1% | -2.1% |
Highlights
Prices for U.S. imports rose 0.3 percent in October following a 0.4-percent drop the previous month, against expectations of a 0.1 percent decline in the Econoday survey of forecasters - underscoring that inflation embers continue to burn.
The BLS said higher nonfuel and fuel prices contributed to the October's increase.
October's rise in import prices was the largest 1-month increase since a 0.9-percent jump in April and follows declines in September and August (-0.3 percent). U.S. import prices increased 0.8 percent compared to October 2023.
Prices for imported fuel rose 1.5 percent in October, after a 7.5-percent decline in September, but plunged 13.6 percent compared to a year ago.
Nonfuel import prices increased 0.2 percent for the second straight month in October."Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods, and automotive vehicles in October more than offset lower foods, feeds, and beverages prices," the BLS said.
Prices for nonfuel imports rose 2.3 percent over the past year, the largest 12-month increase since October 2022.
The prices for U.S. exports rose 0.8 percent in October, after decreasing 0.6 percent the previous month. Despite the October rise, U.S. export prices dipped 0.1 percent over the past year.
The BLS said higher nonfuel and fuel prices contributed to the October's increase.
October's rise in import prices was the largest 1-month increase since a 0.9-percent jump in April and follows declines in September and August (-0.3 percent). U.S. import prices increased 0.8 percent compared to October 2023.
Prices for imported fuel rose 1.5 percent in October, after a 7.5-percent decline in September, but plunged 13.6 percent compared to a year ago.
Nonfuel import prices increased 0.2 percent for the second straight month in October."Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods, and automotive vehicles in October more than offset lower foods, feeds, and beverages prices," the BLS said.
Prices for nonfuel imports rose 2.3 percent over the past year, the largest 12-month increase since October 2022.
The prices for U.S. exports rose 0.8 percent in October, after decreasing 0.6 percent the previous month. Despite the October rise, U.S. export prices dipped 0.1 percent over the past year.
Market Consensus Before Announcement
The consensus looks for a decline of 0.1 percent on the month for both import and export prices.
Definition
Import price indexes are compiled for the prices of goods that are bought in the United States but produced abroad and export price indexes are compiled for the prices of goods sold abroad but produced domestically. These prices, which exclude tariffs and taxes, measure underlying inflationary trends in internationally traded products.
Description
Changes in import and export prices are a valuable gauge of inflation here and abroad. Furthermore, the data can directly impact the financial markets such as bonds and the dollar. The bond market is especially sensitive to the risk of importing inflation because it erodes the value of the principal (the original investment) which is paid back when the bond matures. It also decreases the value of the steady stream of interest rate payments on this type of security. Inflation leads to higher interest rates and that's bad news for stocks, as well. By monitoring inflation gauges such as import prices, investors can keep an eye on this menace to their portfolios.
