US import prices increase more than expected in September

WASHINGTON, Oct 16 (Reuters) - ‌US import ​prices ​increased more than expected in September, boosted by higher costs for energy ‌products and a range of other goods, further ⁠evidence of rising inflation pressures as the Middle East ‌conflict persists.

Import prices jumped ‌1.1% last month after rebounding by a downwardly revised 0.5% in August, the Labor Department's ​Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast import ⁠prices, which exclude tariffs, increasing 0.8% after a previously reported ​0.7% advance in August.

In the 12 months through September, import prices rose 8.1%, the ​largest increase since July ‌2022, after increasing 6.7% in August. The government this week reported strong ⁠increases in consumer and producer prices, which left economists convinced that inflation was broadening beyond the energy ⁠sector.

The dragging US-Israeli war with Iran has snarled supply chains, ​and is keeping oil prices elevated.

Despite inflation heating up in September, financial markets still expected the Federal Reserve ‌to skip raising interest rates later this month and tighten monetary policy ‌in December.

The US central bank in September ⁠raised its overnight benchmark ‌interest rate by ​25 basis points to the 3.75%-4.00% range.

(Reporting By Lucia Mutikani; Editing by Chizu ‌Nomiyama)

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