Ekonomické zprávy
16.11.2021

U.S. import-price index increases more than expected in October

The report released by the Labor Department on Tuesday showed the U.S. import-price index surged 1.2 percent m-o-m in October, following an unrevised 0.4 percent m-o-m advance in September. This was the largest monthly gain since May. Economists had expected prices to rise 1.0 percent m-o-m last month.

According to the report, the October gain was attributable to increases in both fuel prices (+8.6 percent m-o-m) and nonfuel prices (+0.4 percent m-o-m).

Over the 12-month period ended in October, import prices surged 10.7 percent, with higher fuel (+86.7 percent) and nonfuel (+5.5 percent) prices contributing to the jump. This represented the largest over-the-year climb since the year ended June 2021.

Also, the report revealed that the price index for U.S. exports soared 1.5 percent m-o-m in October, following a revised 0.4 percent m-o-m advance in the previous month (originally a 0.1 percent m-o-m uptick). This marked the biggest monthly increase since May. Economists had forecast export prices to go up 0.9 percent m-o-m in October.

The October gain in the U.S. export-price index was driven by increases in prices for both nonagricultural (+1.5 percent m-o-m) exports and agricultural exports (+1.0 percent m-o-m).

Over the past 12 months, the price index for exports surged 18.0 percent, reflecting surges in prices of both agricultural exports (+24.5 percent) and nonagricultural exports (+17.21 percent). This represented the largest over-the-year gain on record.

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