Analysis
Import and export price indexes track what U.S. buyers pay for goods from abroad and what foreign buyers pay for U.S. goods. They are one of several measures that show how the jump in energy costs is moving through the economy, alongside this week's consumer and producer price reports. Fuel led the import increase, but prices for nonfuel imports also rose.
Import prices
The Bureau of Labor Statistics reported on October 16 that import prices rose 1.1% in September after a revised 0.5% gain in August. Over the 12 months to September, import prices rose 8.1%, the largest increase since the year ended July 2022 [1].
Fuel import prices rose 4.8% in September and were 34.5% higher than a year earlier. Prices for nonfuel imports rose 0.7% on the month and 6.0% over 12 months [1].
Export prices
Export prices rose 2.2% in September after a revised 1.2% gain in August, and were 11.6% higher than a year earlier [1].
Agricultural export prices rose 2.6% in September and 9.0% over 12 months. Nonagricultural export prices rose 2.1% on the month and 11.8% over the year [1].
What the indexes measure
The import price index measures changes in the prices of goods bought in the United States from sellers abroad, and the export price index measures changes in the prices of goods sold from the United States to buyers abroad. Because the indexes cover goods at the border, they do not translate directly into what consumers pay in stores [1].
What remains uncertain
Monthly import and export price figures are revised in later releases; the August figures in this report were already revised. A month in which fuel drives much of the change does not by itself show how prices will move later.