Import prices extend decline on cheaper oil

Washington

US IMPORT prices fell in November as the cost of petroleum and several goods continued to decline, suggesting that cheaper crude oil and a strong dollar will keep imported inflation pressures subdued for a while.

The Labor Department said on Thursday import prices dropped 0.4 per cent last month after a revised 0.3 per cent decrease in October. Import prices have declined in 15 of the last 17 months. Economists had forecast import prices falling 0.7 per cent after a previously reported 0.5 per cent drop in October.