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Import prices rose 1.1 percent in September after increasing at the same pace in August. Both petroleum and nonpetroleum prices increased as well, with the former rising 4.6 percent and the latter ticking up 0.2 percent. September marks the first increase in nonpetroleum prices since May of this year. On a yearly basis, petroleum prices are down 0.1 percent after averaging 9.4 percent yearly declines in the third quarter of this year. Nonpetroleum prices fell 0.9 percent on a yearly basis in September and the overall import price index fell as well by 0.6 percent. September’s import prices show strength relative to previous months where weak import prices were likely exerting downward pressure on import levels.
Export prices increased 0.8 percent, down slightly from August?s 1.0 percent monthly increase. Nonagricultural prices posted gains of 0.7 percent and agricultural prices rose 1.1 percent. On a year-over-year basis, export prices fell 0.5 percent marking five consecutive months of yearly losses.