U.S. import prices declined 0.4% in September, following a 0.2% decrease in August. This is the largest one-month drop since a 0.7% decline in December 2023. Over the past year, import prices have edged down slightly (down 0.1%). U.S. export prices fell 0.7% in September, extending the 0.9% decline in August. While nonagricultural export prices contributed to the decrease (down 0.9%), agricultural export prices rose 0.6%. Over the past year, export prices fell 2.1%.
Fuel import prices decreased 7.0% in September, after declining 2.9% in August. Over the past year, fuel import prices have fallen 17.3%, the largest 12-month drop since August 2023. While petroleum prices declined a significant 16.7% over the year in September, natural gas prices fell an even more dramatic 57.4%.
Nonfuel import prices ticked up 0.1% for the third straight month in September. Higher prices for nonfuel industrial supplies and materials, consumer goods and automotive vehicles in September more than offset lower prices for foods, feeds and beverages.
After declining 2.1% in August, agricultural export prices advanced 0.6% in September. Over the past 12 months, agricultural export prices dropped 5.3%. On the other hand, nonagricultural export prices decreased 0.9% in September, with lower prices for nonagricultural industrial supplies and materials and automotive vehicles more than offsetting higher prices for capital goods, consumer goods and nonagricultural foods. Over the past year, nonagricultural export prices fell 1.8%, the largest annual decrease since December 2023.