Import prices fall as fuel prices reverse gear
Import prices are cooling off as the strained global supply chains catch a much-needed break from lower fuel prices.
By the numbers: Import prices declined by 1.2% from August to September, marking the third straight monthly drop, the Bureau of Labor Statistics reported Thursday.
- Third-quarter import costs retreated by 3.7%, marking the largest three-month drop since the pandemic began.
Why it matters: Import prices drive the cost of goods for businesses and consumers, so any signs of a decline are a help in the fight against inflation.
The big picture: A 7.5% decline in the price of imported fuel from August to September — including natural gas and petroleum — is a big reason for the overall drop in import prices.
- But nonfuel import prices also fell by 0.4%, despite a 0.2% gain in the price of foods, feeds and beverages.