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U.S. import prices fell 0.6 percent in October, following no change in September (0.3 percent, before revisions). October marks the second decline of import prices in the past three months. Drops in both non-oil import prices (down 0.4 percent) and petroleum import prices (down 1.0 percent) contributed to the overall decline. Although petroleum prices fell for the third consecutive month, they continue to gain year-over-year posting gains of 36 percent. Non-oil import prices continued to post year-over-year gains of 4.8 percent despite falling from September to October. Most major categories posted price decreases except for consumer goods and automotive vehicles. On a year-over year basis, import prices posted gains of 11 percent, sliding from September’s 12.9 percent gain.
U.S. export prices fell by 2.1 percent after posting a 0.4 percent advance in September. A drop of 6.5 percent in agricultural export prices lead the decline with nonagricultural export prices falling as well by 1.5 percent. Year-over-year, export prices continued to post gains of 6.3 percent, but declined compared to September’s 9.4 percent advance.