US: Import prices rise 0.7% in Sept on higher fuel prices; export prices increase 0.8%

"U.S. import prices increased 0.7 percent in September, after advancing 0.6 percent in August. The price index for U.S. exports rose 0.8 percent in September, after increasing 0.7 percent the previous month," the U.S. Bureau of Labor Statistics announced on Tuesday.

Key highlights:

• The last time import prices advanced by more than 0.7 percent was a 1.2-percent increase in May 2016.
• Higher prices for both fuel and nonfuel imports contributed to the overall rise in import prices for September.
• Prices for U.S. imports also increased on a 12-month basis, advancing 2.7 percent.
• Fuel prices increased 3.9 percent in September, after rising 4.4 percent in August.
• The monthly movements were the first advances since the index rose 0.3 percent in February, and the August rise was the largest advance since the index increased 6.1 percent in January. 
• The price index for nonfuel imports advanced 0.3 percent in September, following an identical increase in August.