Import prices edged up 0.1% last month, according to Wells Fargo. Overall, prices are now down 1.1% over the past year.
“The deflationary impulse from import prices continued to moderate in September …,” the firm noted. “Exporters are also feeling less pressure to cut prices, with price declines easing on a year-ago basis.”
A 1.2% rebound in petroleum prices was credited for the uptick. The moderate pace of the dollar strengthening, however, has eased pressure on nonpetroleum import prices, the firm said. “Pressure on exporters to cut prices in order to stay competitive amid sluggish global demand and the strong dollar is also easing somewhat.”
Total export prices went up 0.3% last month. Higher fuel prices and gains in consumer goods and auto prices fed the increase. Agricultural export prices fell 1% “and look likely to remain a drag on total export prices amid strong yields.”
- Diana Mota, associate editor