Food, fuels lift U.S. import prices in September

WASHINGTON, Oct 15 (Reuters) – U.S. import costs rebounded in September, lifted by greater meals and power prices, however underlying imported inflation confirmed indicators of moderating.

Import costs rose 0.4% final month after falling 0.3% in August, the Labor Division stated on Friday. Within the 12 months by September, costs shot up 9.2% after advancing 8.9% in August. Economists polled by Reuters had forecast import costs, which exclude tariffs, growing 0.6%.

The federal government reported this week that robust meals costs and rents pushed up client inflation in September, whereas greater power prices stored producer costs elevated. The value of Brent crude has shot above $80 a barrel.

Imported gasoline costs elevated 3.7% final month after declining 3.0% in August. Petroleum costs rebounded 3.9%, whereas the price of imported meals accelerated 1.3%.

Excluding gasoline and meals, import costs dipped 0.1%. These so-called core import costs fell 0.1% in August and had been up 4.7% on a year-on-year foundation in September.

The report additionally confirmed export costs nudged up 0.1% in September after rising 0.4% in August. Costs for agricultural exports fell 1.7%. Nonagricultural export costs gained 0.3%. Export costs rose 16.3% year-on-year in September after growing 16.8% in August.

Reporting by Lucia Mutikani; enhancing by Philippa Fletcher

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