U.S. Import Prices Jump 1.13% as AI Goods Hit 1987-Era Highs and Fuel Rebounds
Updated
Updated · TheStreet · Oct 16
U.S. Import Prices Jump 1.13% as AI Goods Hit 1987-Era Highs and Fuel Rebounds
3 articles · Updated · TheStreet · Oct 16
Summary
September import prices rose 1.13% from August—the biggest gain since May and above forecasts—as annual import inflation accelerated to 8.1%.
Capital-goods costs drove much of the nonfuel increase: nonfuel import prices rose 0.73%, semiconductor prices climbed 36.1% year over year for an eighth straight record, and capital-goods prices posted their strongest annual gain since 1987.
Fuel added fresh pressure after three monthly declines, with fuel import prices up 4.84% in September and natural gas prices nearly doubling from a year earlier.
Export prices jumped 2.15% in the month and 11.63% from a year earlier, with prices to China rising 2.71% and prices to the EU up 3.9%.
Goldman Sachs left its September core PCE estimate unchanged at 0.34%, suggesting the import-price surge does not materially alter its near-term Fed inflation view.