(RTTNews) - Import prices increased for the third consecutive month in October, according to a report released by the Labor Department on Friday, with the continued price growth due in large part to a jump in prices for fuel imports.

The report showed that import prices rose 0.7 percent in October after edging up by 0.2 percent in September. Import prices increased by 1.5 percent in August.

Despite the continued monthly increase, import prices were down 5.7 percent compared to the same month a year ago.
Excluding a 1.8 percent increase in prices for fuel imports, import prices increased by a more modest 0.4 percent in October compared to a 0.5 percent increase in the previous month.

The Labor Department also said that export prices increased by 0.3 percent in October following a 0.2 percent decrease in September. Compared to the same month a year ago, export prices were down 3.4 percent.

The rebound in export prices came even though agricultural export prices fell by 1.0 percent. Excluding the drop in prices for agricultural exports, export prices still rose 0.3 percent in October compared to a 0.1 percent increase in September.

by RTT Staff Writer

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