{"id":123015,"date":"2021-11-16T14:30:55","date_gmt":"2021-11-16T14:30:55","guid":{"rendered":"https:\/\/fin2me.com\/?p=123015"},"modified":"2021-11-16T14:30:55","modified_gmt":"2021-11-16T14:30:55","slug":"u-s-import-prices-surge-in-october-on-petroleum-food","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/u-s-import-prices-surge-in-october-on-petroleum-food\/","title":{"rendered":"U.S. import prices surge in October on petroleum, food"},"content":{"rendered":"<figcaption>FILE PHOTO: Shoppers browse in a supermarket while wearing masks to help slow the spread of coronavirus disease (COVID-19) in north St. Louis, Missouri, U.S. April 4, 2020. REUTERS\/Lawrence Bryant\/File Photo<\/figcaption><p>WASHINGTON (Reuters) &#8211; U.S. import prices surged in October as the costs of petroleum products and food increased, adding to signs that inflation could remain high for a while.<\/p>\n<p>Import prices accelerated 1.2% last month after gaining 0.4% in September, the Labor Department said on Tuesday. In the 12 months through October, prices jumped 10.7% after rising 9.3% in September. Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 1.0%.<\/p>\n<p>The government reported last week a broad-based surge in both consumer and producer prices in October. Inflation is being fueled by fiscal stimulus and strained global supply chains related to the nearly two-year long COVID-19 pandemic.<\/p>\n<p>Imported fuel prices soared 8.6% last month after increasing 3.9% in September. Petroleum prices advanced 8.1%, while the cost of imported food rose 0.8%.<\/p>\n<p>Excluding fuel and food, import prices gained 0.3%. These so-called core import prices were unchanged in September and were up 5.0% on a year-on-year basis in October.<\/p>\n<p>The report also showed export prices shot up 1.5% in October after rising 0.4% in September. Prices for agricultural exports rebounded 1.0%. Nonagricultural export prices powered ahead 1.5%. Export prices surged 18.0% year-on-year in October, the biggest increase since the series was first published in September 1983. Prices rose 16.5% from a year ago in September.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-economy-inflation\/u-s-import-prices-surge-in-october-on-petroleum-food-idUSL1N2S61UY\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: Shoppers browse in a supermarket while wearing masks to help slow the spread of coronavirus disease (COVID-19) in north St. Louis, Missouri, U.S. [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":123014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. import prices surge in October on petroleum, food - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/u-s-import-prices-surge-in-october-on-petroleum-food\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. import prices surge in October on petroleum, food - 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