October 2023 U.S. Import and Export Price Indexes — 2023-11-16

U.S. import prices declined 0.8 percent in October, after increasing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel prices contributed to the decrease. Prices for U.S. exports fell 1.1 percent in October following a 0.5-percent rise the previous month. The price index for U.S. imports fell 0.8 percent in October, the first monthly drop since June 2023. The October decrease was the largest 1-month decline since the index fell 0.8 percent in March 2023. Prices for U.S. imports decreased 2.0 percent for the year ended October 2023. (See table 1.) Fuel Imports: Prices for import fuel declined 6.3 percent in October, after advancing 6.3 percent the previous month. The October drop was the first 1-month decrease since May 2023 and the largest monthly decline since a 6.3-percent drop in September 2022. Lower prices in October for both petroleum and natural gas contributed to the decrease in fuel prices.