U.S. export prices rose 2.2% in September, far above the 1% consensus forecast and the largest monthly gain since April, according to the Bureau of Labor Statistics. Import prices climbed 1.1%, above the 0.8% estimate, with imported fuel up nearly 5%; excluding energy, they rose 0.7%. Prices for nonelectrical machinery imports jumped 10.4%, reflecting the ongoing AI infrastructure buildout. The article says the Iran war has kept crude oil at or above $100 per barrel, pushing gasoline and diesel firmly above $4 and $6 per gallon. Fifth Third Commercial Bank’s Bill Adams argues the data suggest the Federal Reserve still has “work to do” to bring inflation back to its 2% target.
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