The U.S. Import Price Index advanced 1.8 percent in October, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, led by a 6.9 percent rise in petroleum prices. The increase followed a 0.8 percent advance in September. Prices for U.S. exports rose 0.9 percent in October after a 0.3 percent increase the previous month.
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The 1.8 percent rise in import prices in October was the largest monthly increase since a similar change in May 2006. The advance followed a 0.8 percent rise in September as the increase during the past two months continued the upward trend over most of 2007 after a 0.4 percent downturn in August. The 6.9 percent increase in petroleum prices was the largest contributor to the October increase, although nonpetroleum prices also advanced, rising 0.5 percent. Petroleum prices continued an upward trend over the past year, rising 41.4 percent for the 12 months ended in October. The increase in nonpetroleum prices in October followed a 0.2 percent decline in September. Nonpetroleum prices advanced 3.2 percent over the past year while the price index for overall imports rose 9.6 percent for the same period.
Here's how the Federal Reserve reads this statement:
The U.S. Import Price Index advanced 1.8 percent in October, the Bureau of Labor Statistics of the U.S. Department of Labor reported today,led by a 6.9 percent rise in petroleum prices.The increase followed a 0.8 percent advance in September. Prices for U.S. exports rose 0.9 percent in October after a 0.3 percent increase the previous month.
....
The 1.8 percent rise in import prices in October was the largest monthly increase since a similar change in May 2006. The advance followed a 0.8 percent rise in September as the increase during the past two months continued the upward trend over most of 2007 after a 0.4 percent downturn in August.The 6.9 percent increase in petroleum prices was the largest contributor to the October increase,although nonpetroleum prices also advanced, rising 0.5 percent.Petroleum prices continued an upward trend over the past year, rising 41.4 percent for the 12 months ended in October.The increase in nonpetroleum prices in October followed a 0.2 percent decline in September. Nonpetroleum prices advanced 3.2 percent over the past year while the price index for overall imports rose 9.6 percent for the same period.
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