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Import prices fell −0.7 percent in October after rising 0.1 percent in September. Falling −3.6 percent, petroleum prices drove the change in the overall index. Nonpetroleum prices inched up, posting a 0.1 percent monthly gain and slightly offsetting lower petroleum prices. On a year-over-year basis, import prices fell −2.0 percent, marking three consecutive months of yearly declines. Petroleum prices fell −4.1 percent year-over-year for the second consecutive month. Nonpetroleum prices fell on a yearly basis as well (−1.3 percent), which marks eight consecutive months of yearly declines and the greatest decrease since the fall of 2009. After a slight upturn in August and September, October’s trade prices show weakness reminiscent of the first half of the year.
Export prices declined −0.5 percent from September to October after rising 0.4 percent last month. On a year-over-year basis, export prices fell −2.1 percent, the greatest yearly drop since June 2012.