Import prices dip 0.5% in Oct on lower oil costs, strong US$

Washington

US 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 per cent last month after a revised 0.6 per cent decline in September. Import prices have now fallen in 14 of the last 16 months.