Last updated: October 13, 2023 at 8:55 AM ET
First Published: October 13, 2023, 8:34 a.m. ET
The Numbers: The U.S. Import Price Index rose 0.1% in September, the Labor Department reported Friday. This is the third consecutive increase.
The rise was much lower than expected. Economists polled by the Wall Street Journal had expected an increase of 0.5%.
Excluding fuel, import prices fell by 0.2% for the second month in a row. Import prices excluding…
Numbers: The US Department of Labor said on Friday that the US import price index rose 0.1% in September. This is the third consecutive increase.
The rise was much lower than expected. Economists polled by the Wall Street Journal had expected an increase of 0.5%.
Excluding fuel, import prices fell by 0.2% for the second month in a row. Import prices excluding fuel have not risen since February.
Key details: The cost of energy, especially oil and natural gas, rose 4.4% in September, for the fourth month in a row.
Import prices helped reduce inflation, but rising fuel prices spoiled this trend. Import inflation over the past 12 months fell by 1.7% in September, the smallest decline since February and up from a 6.1% decline in June.
The Big Picture: The Fed attempts to look at past developments in energy markets to gauge inflationary trends. September inflation data show a pause in the steady decline in price pressures. Data over the next few months will show whether the Fed has more work to do to get inflation on a steady downward trend.
Market reaction: DJIA SPX shares are scheduled to open higher on Friday. 10-Year Treasury Yield BX:TMUBMUSD10Y
It fell 10 basis points to 4.60% in early trading, continuing a pattern of sharp moves in the bond market.
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