Prices of goods imported into the United States accelerated in September, adding to evidence that inflation is gaining momentum and spreading beyond energy.
\n\nThe Labor Department said Friday that import prices rose 1.1 percent last month after increasing 0.5 percent in August. Prices were up 8.1 percent from a year earlier, the largest annual increase since July 2022.
\n\nThe report capped a week of troubling inflation figures. Consumer prices were up 3.7 percent from a year earlier in September, according to Wednesday’s consumer price index report. Thursday’s producer price index showed wholesale prices jumping 1.3 percent for the month, the biggest increase since March 2022, and rising 6.3 percent over the past year.
\n\nEnergy contributed heavily to the increases, but the import report showed substantial price pressure across equipment, industrial materials, and consumer goods.
\n\nImport prices excluding fuel rose 0.7 percent in September, following increases of 0.6 percent in August, 0.3 percent in July, and 0.1 percent in June. Over the past year, nonfuel import prices climbed 6.0 percent, the largest increase since April 2022.
\n\nExcluding both food and fuel, import prices increased 0.7 percent for a second consecutive month and were up 6.2 percent from a year earlier.
\n\nThe…
Original source: https://www.breitbart.com/economy/
