Last updated: October 13, 2023 at 8:55 a.m. ET
First Published: October 13, 2023 at 8:34am ET
The numbers: The U.S. import price index rose 0.1% in September, the Labor Department announced Friday. This is the third consecutive increase.
The rise was much lower than expected. Economists polled by the Wall Street Journal had expected a 0.5% rise.
Import prices excluding fuel fell by 0.2% for the second consecutive month. Excluding import price…
Numbers: The U.S. import price index rose 0.1% in September, the Labor Department said Friday. This is the third consecutive increase.
The rise was much lower than expected. Economists polled by the Wall Street Journal had expected a 0.5% rise.
Import prices excluding fuel fell by 0.2% for the second consecutive month. Import prices, excluding fuel, have not increased since February.
Main details: Energy costs, mainly oil and natural gas, rose 4.4% in September, marking the fourth straight month of increases.
Import prices have contributed to lower inflation, but rising fuel prices are disrupting that trend. Import inflation over the past 12 months fell 1.7% in September, the smallest decline since February and up from a 6.1% decline in June.
Big picture: The Fed is looking to past trends in energy markets to gauge inflation trends. Inflation data for September shows a lull in the steady decline in price pressures. Data in the coming months will show whether the Fed has more to do to keep inflation on a steady downward trend.
Market reaction: DJIA SPX stock was expected to open higher on Friday. 10-year government bond yield BX:TMUBMUSD10Y
The index fell 10 basis points to 4.60% in early trading, continuing the bond market’s surging pattern.
