US import prices unexpectedly held steady in September, as higher prices for consumer goods excluding motor vehicles were offset by declining energy product costs.

Data released by the US Bureau of Labor Statistics on Wednesday showed that import prices remained unchanged from the previous month. The August increase was revised down to 0.1% from the preliminary estimate of 0.3%. Economists surveyed had forecast a 0.1% rise in import prices excluding tariffs.

Over the 12 months through September, import prices rose 0.3%, marking the first year-on-year increase since March. In August, import prices had declined 0.1% year-on-year.

The report's release was delayed due to the US government's record 43-day shutdown. Currently, the pass-through effect of tariffs on consumer prices remains moderate, with economists noting that businesses have absorbed some of the tariff costs.

However, economists still expect faster tariff pass-through, as sustained declines in corporate profit margins may become unsustainable, potentially curbing capital and labor expenditures. Last week's government data showed a significant rise in September producer prices, driven mainly by higher food and energy costs.

Import fuel prices fell 1.5% in September after a 0.5% drop in August. Natural gas prices declined 3.0%, while food prices dropped 0.8%. Excluding fuel and food, core import prices rose 0.3%, matching August's increase. Over the past 12 months, core import prices have risen 0.8%.

This trend partly reflects the weakening of the US dollar against major trading partners' currencies. The trade-weighted dollar index has fallen approximately 5.6% this year.

Federal Reserve officials will meet next week to decide on interest rate policy. Among the 12 voting members of the rate-setting Federal Open Market Committee (FOMC), up to five have opposed or questioned further rate cuts, while three core members of the Washington-based Federal Reserve Board support easing.

In September, import prices for consumer goods excluding motor vehicles rose 0.4%, unchanged from August's increase. Capital goods import prices fell 0.2%, while prices for motor vehicles, parts, and engines remained flat from the previous month.