The Labor Department reported on Thursday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.3 percent m-o-m in September, following a revised 1.0 percent m-o-m gain in August (originally a 0.9 percent m-o-m rise). Economists had expected prices to advance 0.3 percent m-o-m last month.

According to the report, the September advance was driven by rising prices for nonfuel imports (+0.6 percent m-o-m), which more than offset lower fuel prices (-2.9 percent m-o-m).

Over the 12-month period ended in September, import prices fell 1.1 percent, due to a tumble in fuel prices (-25.2 percent), while more than offset an advance in nonfuel prices (+1.5 percent).

Meanwhile, the price index for U.S. exports increased 0.6 percent m-o-m in September, following an unrevised 0.5 percent m-o-m advance in the previous month.

Prices for both nonagricultural (+0.3 percent m-o-m) and agricultural (+2.7 percent m-o-m) exports contributed to the September increase.

Over the past 12 months, the price index for exports dropped 1.8 percent, reflecting a decline in prices of nonagricultural (-2.2 percent) exports, which more than higher agricultural export prices (+1.3 percent).