U.S. import prices increased more than expected in September, adding another sign that inflation pressure is spreading through the economy as policymakers confront higher energy costs and increasingly expensive imported goods.
The Bureau of Labor Statistics said import prices rose 1.1% during September after increasing 0.5% in August.
Prices were 8.1% higher than a year earlier, the largest 12-month increase since July 2022.
Energy remained a major contributor.
Imported fuel prices increased 4.8% during September. But the inflation pressure was not confined to energy.
Import prices excluding fuel increased 0.7% in September, while higher costs were also recorded across several categories of imported goods.
Capital-goods prices climbed 0.9%, with higher prices for computers, peripherals, semiconductors and industrial machinery contributing to the increase.
The report adds to a difficult inflation picture following stronger consumer- and producer-price readings earlier this week.
That combination matters for the Federal Reserve because it suggests some price pressure is moving beyond the direct impact of expensive oil.
Financial markets still broadly expect the Fed to leave rates unchanged at its October meeting, while expectations have increasingly shifted toward additional tightening later in the year.
The next question is whether higher import costs begin feeding more aggressively into consumer prices and corporate margins.
If nonfuel import inflation remains elevated, the Federal Reserve could face a more persistent inflation problem even if energy prices eventually stabilize.
