U.S. import prices fell 0.2% from a month earlier in October, following a 1.1% decline the previous month and compared with market expectations of a 0.4% drop as the strong dollar helped to reduce prices of imported goods. It was the fourth consecutive monthly decline. Fuel prices were down 1.3% while nonfuel prices edged down 0.1%. Compared to the same period last year, U.S. import prices advanced 4.2%, the least since February 2021, after rising 6% in September. Export prices slipped 0.3% in October after dropping 1.5% in September.
Prices for agricultural exports declined 1.0%, led by a 6.6% drop in soybean prices, offsetting higher prices for wheat, fruit and vegetables. Nonagricultural export prices fell 0.3%. Export prices increased 6.9% year-on-year in October after rising 9.2% in September.
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