The price of US exports rose 18% year-over-year in October, the highest rise since the US Bureau of Labor Statistics started publishing the series in 1983. The price spike was driven by a 25% rise in the price of agricultural exports. Meanwhile non-agricultural exports rose by 17.2%.
Particularly sharp price rises in US exports were evident in fuels and lubricants which saw prices rise by 97% and nondurable industrial supplies which rose by 61%.
US import prices were up 11% year-over-year in October. The rise was partially due to a 9% rise in petroleum prices over the previous month and a 20% rise in natural gas prices in the same period.
Foods, feeds and beverage import prices advanced 1% led by a 6% rise in the price of imported meat versus the prior month. Year-over-year imported meat prices have risen 35%. October also saw a steep 7% rise in the price of imported selected building materials versus the previous month and a 3% rise in the price of imported chemicals.
The price index for imported cars rose 1% versus September, the highest rise since 2012.