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The
Labor Department said on Tuesday import prices increased 0.5
percent last month after an upwardly revised 0.2 percent gain in
September. It was the second straight month of gains.
Economists polled by Reuters had forecast import prices rising
0.4 percent last month after a previously reported 0.1 percent
increase.
In the 12 months through October, import prices fell 0.2
percent, the smallest decrease since July 2014, after declining
1.0 percent in September.
The strong dollar has resulted in the country importing
deflation, helping to hold inflation persistently below the
Federal Reserve's 2 percent target.
But with the dollar's rally gradually fading and oil prices
continuing to stabilize, some of the deflationary pressures from
overseas are easing, which should allow inflation to steadily
rise toward its target.
Last month, imported petroleum prices surged 7.5 percent after
rising 1.6 percent in September. Import prices excluding
petroleum dipped 0.1 after being unchanged the prior month. The
cost of imported food fell 0.6 percent.
Prices for imported capital goods slipped 0.2 percent, while the
cost of imported automobiles increased 0.3 percent. Imported
consumer goods prices excluding automobiles edged up 0.1 percent
last month.
The report also showed export prices rose 0.2 percent in October
after gaining 0.3 percent in September. Export prices were down
1.1 percent from a year ago. That was the smallest decline since
October 2014.
(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
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