September 2008 U.S. Import and Export Price Indexes — 2008-10-10

The U.S. Import Price Index decreased 3.0 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, following a 2.6 percent decline in August. Falling petroleum prices led the overall decrease, although nonpetroleum prices also declined. Prices for overall exports decreased 1.0 percent for the month. Percent changes in import and export price indexes by End Use category - not seasonally adjusted - Import prices fell 3.0 percent in September, the largest one-month decline since April 2003. Despite the 5.5 percent drop over August and September, the largest two-month decline since the index was first published monthly in December 1988; import prices were still up 14.5 percent over the past year. The September decrease in import prices was led by a 9.0 percent decline in petroleum prices, the largest monthly drop since October 2006.