US import prices edge up in September as energy costs bounce back

US import prices edged higher unexpectedly last month as energy costs bounced back.

According to the Department of Labor, prices of imported goods rose at a 0.2% month-on-month pace in September (consensus: 0.0%), as fuel import costs jumped by 2.1% following a drop of 1.9% during the month before.

In parallel, non-fuel import prices edged up by 0.1%.

Labor also revised its estimate of import price gains for August higher to a fall of 0.2% versus July, instead of the preliminary estimate of -0.5%.

Yet versus a year ago import prices were remained 1.6% lower, although that was higher than the 2.1% retreat that economists had penciled-in.

On the export side of the equation, prices were down by 0.2% on the month, driven by a 1.8% decline in those for agricultural exports, while non-agricultural export prices slipped by a tenth of a percentage point.