HOUSTON, Nov. 15 (Xinhua) -- U.S. import and export prices both increased in October, the U.S. Bureau of Labor Statistics reported Thursday.
Prices for U.S. imports increased 0.5 percent in October after advancing 0.2 percent in September. It is also the largest monthly increase since a 0.9-percent rise in May.
From October 2017 to October 2018, prices for U.S. imports rose 3.5 percent and have not recorded an over-the-year decrease in two years when the index declined 0.2 in October 2016.
The price index for import fuels increased 3.3 percent in October after a 0.7-percent rise in September. The October rise was the largest monthly advance since a 6.1-percent increase in May.
Higher prices for both petroleum and natural gas contributed to the advance in October. Prices for petroleum increased 2.8 percent in October after a 0.9-percent rise the previous month. Natural gas prices grew 24.6 percent in October, the largest monthly increase since a 25.7-percent advance in November 2017.
Nonfuel import prices advanced 0.2 percent in October, after recording no change in September. The price index for nonfuel imports increased 0.7 percent over the past 12 months. The over-the-year advance was driven mostly by a 3.4-percent rise in nonfuel industrial supplies and materials, as well as higher prices for consumer goods and automotive vehicles.
U.S. export prices advanced 0.4 percent in October after recording no change in September. The October rise was the largest monthly increase since the index increased 0.7 percent in May. For the 12-month period ending in October, U.S. export prices advanced 3.1 percent.
Agricultural export prices fell 0.3 percent in October after declining 6.1 percent over the previous three months. The price index for agricultural exports decreased 4.5 percent over the past year, the largest decline since the index fell 5.2 percent in May 2016.
Prices for nonagricultural exports increased 0.5 percent in October following a 0.2-percent rise in September. The price index for nonagricultural exports increased 3.9 percent over the past 12 months and has not recorded an over-the-year decline since the index decreased 0.2 percent in November 2016.
