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- U.S. import-price index falls more than forecast in October
U.S. import-price index falls more than forecast in October
The Labor
Department reported on Friday the import-price index, measuring the cost of
goods ranging from Canadian oil to Chinese electronics, fell 0.5 percent m-o-m
in October, following a revised 0.1 percent m-o-m gain in September (originally
a 0.2 percent m-o-m advance). Economists had expected prices to drop 0.2
percent m-o-m last month.
According to
the report, the October decline was driven by both lower import fuel prices (-2.9
percent m-o-m) and lower prices for nonfuel imports (-0.2 percent m-o-m).
Over the
12-month period ended in October, import prices dropped 3.0 percent, weighed
down by declines in both fuel (-13.7 percent) and nonfuel (-1.4 percent)
prices.
Meanwhile, the
price index for U.S. exports edged down 0.1 percent m-o-m in October, following
an unrevised 0.2 percent m-o-m fall in the previous month.
Lower Prices
for nonagricultural exports (-0.3 percent m-o-m) in October offset higher agricultural
export prices (+1.9 percent m-o-m).
Over the past
12 months, the price index for exports dropped 2.2 percent, weighed down by
lower prices for nonagricultural exports (-2.7 percent), while agricultural
prices surged (+2.2 percent).
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