AlwaysFree: Labor Department Reports Unexpected Decrease In US Import Prices

The Labor Department on Tuesday reported that US import prices unexpectedly decreased by 0.1% in October, defying analysts’ estimates of a 0.2% increase. The decline followed a 0.2% gain in September. For the 12 months through October, US import prices dipped 1.0%. Petroleum import prices dropped 1.0% in October, while import prices excluding petroleum were unchanged after advancing 0.6% in September.

Conversely, imported food prices inched up 0.1% last month. According to the report, prices of products imported from China were steady for the second straight month. In October, prices for imported capital goods were also stable. Meanwhile, the cost of imported motor vehicles and consumer goods, excluding autos fell 0.1% and 0.2%, respectively.

The Labor Department also reported that US export prices gained 0.2% last month supported by an increase in export prices of agricultural products. Nonagricultural export prices were steady last month. On a year-on-year basis, export prices dropped 1.6% in October, extending a 1.8% fall in September.

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