Import prices were up 1.5 percent in October, the fourth consecutive monthly advance and largest increase for the index since May.
The rise was attributable to an 11.7-percent jump in petroleum prices. The price index for petroleum has trended upward since June 2003, when the index rose 24.8 percent. For the year ended in October, petroleum prices were up 67.6 percent.
In contrast, nonpetroleum import prices fell 0.2 percent last month, the first decline for the index since October 2003. Prices for nonpetroleum imports rose 2.7 percent over the October 2003-2004 period. Led by the sharp increase in petroleum prices, overall import prices were up 9.7 percent over the same timeframe.
Export prices rose 0.7 percent in October, led by a 1.0-percent increase in nonagricultural export prices, which more than offset a 1.3-percent drop in agricultural prices. The advance in nonagricultural prices was the largest monthly increase since October 1990.
These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - October 2004" (PDF) (TXT), news release USDL 04-2318.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import prices up again in October 2004 at https://www.bls.gov/opub/ted/2004/nov/wk2/art04.htm (visited November 30, 2023).