October 2022 U.S. Import and Export Price Indexes — 2022-11-16

Prices for U.S. imports declined 0.2 percent in October, after falling 1.1 percent the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel prices contributed to the October drop in U.S. import prices. U.S. export prices decreased 0.3 percent in October following a 1.5-percent decline in September. U.S. import prices fell 0.2 percent in October and have not recorded a monthly increase since the index rose 0.2 percent in June 2022. Despite the recent declines, prices for U.S. imports increased 4.2 percent from October 2021 to October 2022. The 12-month rise in October was the smallest over-the-year advance since the index increased 3.0 percent for the 12 months ended February 2021. (See table 1.) Fuel Imports: Import fuel prices declined 1.3 percent in October, after decreasing 20.8 percent over the previous 3 months. Prices for import fuel last increased on a monthly basis in June 2022.