US Import Prices Fall More than Expected in October

U.S. import prices fell more than expected in October as the cost of petroleum and a range of goods declined, a sign that a strong dollar and soft global demand continued to exert downward pressure on imported inflation.
The Labor Department said on Tuesday import prices dropped 0.5 percent last month after a revised 0.6 percent decline in September. Import prices have now fallen in 14 of the last 16 months.

Economists had forecast import prices slipping 0.1 percent after a previously reported 0.1 percent fall in September.

In the 12 months through October, prices tumbled 10.5 percent. Dollar strength and a sharp decline in oil prices have weighed on inflation, which is persistently running below the Federal Reserve’s 2 percent target.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.