The numbers: The cost of goods imported into the U.S. rose in September for the first time in four months. The import price index climbed 0.5% last month, driven up by higher cost of imported fuel, the government said Friday. This was above the Wall Street expectations of a 0.2% increase, according to Econoday.
If fuel is excluded, import prices rose were flat.
What happened: Petroleum-import prices grew 4.1% in September. The costs of imports over the past 12 months slowed to 3.5% in September from 3.8% in the prior month.
Big picture: Oil prices could rise over the next few years, as demand outstrips supply, according to Dallas Fed President Rob Kaplan.
Market reaction: U.S. stock benchmarks looked set to rebound Friday after sharp declines earlier in the week. On Thursday, the Dow Jones Industrial Average DJIA, -2.13% tumbled around 545 points to 25,053.