Economic Buzz: US Import Prices Edge Down 0.2% In October

17 Nov 2022 , 08:54 AM

A report released by the Labor Department on Wednesday showed a modest decrease in U.S. import prices in the month of October. The Labor Department said import prices edged down by 0.2 percent in October after tumbling by a revised 1.1 percent in September. The dip in import prices was partly due to a continued decline in prices for fuel imports, which slumped by 1.3 percent in October after plunging by 7.0 percent in September. Prices for non-fuel imports edged down by 0.1 percent in October after slipping by 0.3 percent in September, reflecting lower prices for consumer goods, foods, feeds, and beverages, and non-fuel industrial supplies and materials. The report also showed the annual rate of growth in import prices slowed to 4.2 percent in October from 6.0 percent in September. Meanwhile, the Labor Department said export prices dipped by 0.3 percent in October after plunging by a revised 1.5 percent in September. Prices for agricultural exports slumped by 1.0 percent amid a steep drop in soybean prices, while prices for non-agricultural exports fell by 0.3 percent. Export prices in October were up by 6.9 percent compared to the same month a year ago, unchanged from the year-over-year growth seen in September.Powered by Commodity Insights