Import Prices Declined 0.4% in September, Export Prices Down 0.7%

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Import Prices Declined 0.4% in September, Export Prices Down 0.7%

Washington, DC, October 16, 2024-Prices for U.S. imports declined 0.4% in September following a 0.2% decrease the previous month, the U.S. Bureau of Labor Statistics reported.

Lower fuel prices in September more than offset higher nonfuel prices. 

U.S. export prices fell 0.7% in September, after declining 0.9% in August.

According to Reuters, "Government data last week showed slightly firmer consumer prices in September. While producer prices were unchanged last month, some components showed strength, which was expected to translate into a higher monthly readings in the key inflation measures tracked by the Federal Reserve for its 2% target.

"The U.S. central bank is expected to cut interest rates again next month, but by a smaller 25 basis points against the backdrop of a resilient economy."