U.S. Import Prices Unexpectedly Fall in October



Reuters | CNBC

U.S. import prices unexpectedly fell in October as the cost of petroleum products and a range of other goods declined, suggesting inflation could remain muted for a while.

The Labor Department said on Tuesday import prices dipped 0.1% last month. Data for September was revised down to show import prices gaining 0.2% instead of rising 0.3% as previously reported. Economists polled by Reuters had forecast import prices, which exclude tariffs, advancing 0.2% in October.

In the 12 months through October, import prices fell 1.0% after declining 1.4% in September.

Petroleum prices fell 1.0% last month. Excluding petroleum, import prices were unchanged following a 0.6% advance in September. The weakness in import prices came on the heels of data last week showing a steady increase in producer prices in October and slowing consumer inflation.

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