Cheap Fuel Helps Push Import Prices Down 0.7% for October
Export prices were down and import prices were down even more for October, according to a Labor Department report (link opens as PDF) released today.
Import prices fell 0.7% after increasing a revised 0.1% in September. Analysts had expected a slightly subtler 0.5% dip. This report marks the first import price decrease since June, but the decline is due exclusively to cheaper fuel. Import fuel prices fell 3.4%, while non-fuel import prices remained steady.
Source: Labor Department.
After increasing a revised 0.4% in September, export prices erased their gains with a 0.5% decrease, missing analysts' expectations of a 0.2% increase. Although a 1.5% decline in agricultural prices played a role in the overall decrease, prices for nonagricultural exports also fell 0.4%.
On a regional basis, import prices from Japan fell 0.2%, putting Japanese prices at their largest year-long drop (3.2%) since June 2002. China import prices decreased 0.1%, while EU import prices managed a 0.5% increase.
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