US import and export prices decreased in October, the US Department of Labor has reported.
The price index for US imports fell 0.5 per cent in October, after rising 0.1 per cent in September and declining 0.6 per cent in August. The decrease in October was driven by lower petroleum prices.
The US import price index declined 3.0 per cent from October 2018 to October 2019. The decrease was the largest over-the-year decline since the index fell 3.7 per cent during the period ended July 2016.
Import fuel prices declined 2.9 per cent in October after increasing 1.5 per cent the previous month. A 3.7-per cent drop in petroleum prices drove the October decrease, more than offsetting a 32.0-per cent increase in natural gas prices, reports Xinhua.
Fuel prices declined 13.7 per cent over the past year. Prices for import petroleum fell 14.7 per cent for the year ended in October and natural gas prices declined 1.6 per cent over the same period.
Prices for nonfuel imports declined 0.2 per cent in October following two consecutive monthly decreases.
The price index for nonfuel imports declined 1.4 per cent over the past 12 months, driven primarily by a 1.6-per cent drop in capital goods prices and a 3.0-per cent decrease in prices for nonfuel industrial supplies and materials.
Meanwhile, the price index for US exports decreased 0.1 per cent in October following a 0.2-per cent drop in September and a 0.6-per cent decrease in August.
Price decreases for nonagricultural exports in October offset increased prices for agricultural exports.
Agricultural export prices increased 1.9 per cent in October, after falling 1.7 per cent the previous month while prices for nonagricultural exports decreased 0.3 per cent in October following a 0.1-per cent drop in September and a 0.3-per cent decline in August.
US export prices declined 2.2 per cent over the past year, the largest 12-month decrease in the index since a 2.4-per cent drop in August 2016.