The Labor Department reported on Friday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.2 percent m-o-m in September, following a revised 0.2 percent m-o-m decline in August (originally a 0.5 percent m-o-m drop). Economists had expected prices to be flat m-o-m last month.

According to the report, the September gain was driven by higher fuel prices (+2.1 percent m-o-m), while prices for nonfuel goods edged down 0.1 percent m-o-m.

Over the 12-month period ended in September, import prices dropped 1.6 percent, weighed down by declines in both fuel (-5.1 percent) and nonfuel (-1.1 percent) prices.

Meanwhile, the price index for U.S. exports decreased 0.2 percent m-o-m in September, following an unrevised 0.6 percent m-o-m fall in the previous month.

Lower agricultural (-1.8 percent m-o-m) and nonagricultural (-0.1 percent m-o-m) prices both contributed to the September fall.

Over the past 12 months, the price index for exports dropped 1.6 percent, weighed down by lower prices for nonagricultural exports (-1.9 percent), while agricultural prices went up 0.2 percent.