U.S. import prices rose in September, with prices outside petroleum products posting strong gains, suggesting a weakening dollar was lifting imported inflation.

The Labor Department said on Thursday import prices increased 0.3% last month. Data for August was revised up to show import prices increasing 1.0% instead of 0.9% as previously reported.

Economists polled by Reuters had forecast import prices, which exclude tariffs, rising 0.3% in September. In the 12 months through September, import prices fell 1.1% after decreasing 1.4% in August.

Petroleum prices fell 4.2% last month. Excluding petroleum, import prices increased 0.7%. That followed a 0.8% jump in August. The dollar declined 5.6% against the currencies of the United States’ main trade partners between April and September. continue reading here: https://80naija.com/u-s-import-prices-increase-in-september-as-dollar-weakens/