Import prices down in October 2005

November 14, 2005

Import prices declined 0.3 percent in October after increasing 2.3 percent in September. A downturn in petroleum prices more than offset higher nonpetroleum prices.

Over-the-month percent change in price index for imports, October 2004–October 2005 (not seasonally adjusted)
[Chart data—TXT]

The 0.3-percent decline in the price index of U.S. imports marked the first decrease for the index since May and only the second monthly drop recorded in 2005. Prior to the October decline, import prices rose 6.3 percent between May and September, driven by a 36.2-percent jump in petroleum prices over that period.

In October, petroleum prices decreased 4.4 percent, but still rose 30.9 percent over the past 12 months. In contrast, nonpetroleum prices continued to rise, increasing 0.8 percent last month after advancing 1.0 percent in September. For the year ended in October, prices of nonpetroleum imports rose 3.7 percent while overall import prices increased 8.1 percent.

Export prices increased 0.6 percent in October, as rising prices for both agricultural exports and nonagricultural exports contributed to the advance.

These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - October 2005" (PDF) (TXT), news release USDL 05-2146.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import prices down in October 2005 on the Internet at http://www.bls.gov/opub/ted/2005/nov/wk2/art01.htm (visited September 30, 2014).

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