US import and export price indices were both flat (0.0% MoM) in September, with import prices up 0.3% YoY and export prices up 3.8% YoY, indicating subdued import inflation alongside the strongest export price gains since late 2022.

• Import fuel prices fell -1.5% MoM and -4.0% YoY, as petroleum prices declined -1.5% MoM and -5.1% YoY while natural gas dropped -3.0% MoM but remained sharply higher at +62.9% YoY, showing ongoing divergence within energy import costs.

• Nonfuel import prices rose 0.2% MoM and 0.8% YoY, with higher prices for nonfuel industrial supplies and consumer goods more than offsetting declines in capital goods and foods, feeds, and beverages.

• Import prices for nonfuel industrial supplies and materials increased 1.2% MoM, the largest monthly rise since February 2025, driven by finished metal shapes, advanced manufacturing products, and other finished nonmetals.

• Finished goods import prices were mixed: capital goods fell -0.2% MoM on cheaper computers, peripherals, and semiconductors, consumer goods rose 0.4% MoM on higher apparel and household goods prices, and automotive vehicles were unchanged MoM.

• Agricultural export prices increased 0.3% MoM and 4.4% YoY, as higher fruit prices more than offset declines in nuts and meat, contributing to the overall 3.8% YoY rise in export prices.

• Nonagricultural export prices were flat MoM but up 3.7% YoY, with nonagricultural industrial supplies and materials up 6.0% YoY, their largest annual increase since November 2022, supported by higher nonferrous metals and petroleum prices.

• By trading partner, import prices from China and Japan rose 0.8% and 0.7% MoM respectively (with China still down -2.6% YoY and Japan up 2.0% YoY), while export prices to China and Japan climbed 1.4% and 1.7% MoM, lifting US terms of trade with both countries.

• Import air passenger fares surged 14.0% MoM but were down -2.6% YoY, while import air freight prices rose 1.7% MoM and fell -12.9% YoY; on the export side, air passenger fares fell -1.3% MoM and -3.9% YoY and air freight prices dropped -2.8% MoM and -4.6% YoY, highlighting ongoing weakness in transport service prices over the year.