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U.S. import prices down 0.5% in October

Staff writer |
Prices for imported goods fell for the fourth straight month in October. Import prices dropped 0.5% from the prior month, the Labor Department said.

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Overall import prices are down 10.5% from a year earlier. The year-over-year figure has declined for 15 consecutive months.

October’s decline was broad-based, with prices for petroleum and natural gas, industrial supplies like paper and metal, food, autos and capital goods all falling. Petroleum import prices are down 48% from a year ago.

The index for nonfuel imports was down 3.2% over the past year, the biggest decline in more than six years. The nonfuel index hasn’t recorded a monthly advance since July 2014.

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