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US import price index drops more than expected in October

FXStreet (Mumbai) - The official data released in the US showed the import price index in October dropped on account of a sharp fall in the petroleum import prices.

The import price index fell 10.5% y/y, beating the estimated drop of 9.4%. The prior month’s reading was revised to 11.3%. Month-on-month, the number printed at -0.5% compared to the estimate of 0.1%.

Petroleum import prices dipped 2.1%m/m and are down 48% y/y. Drop in import prices ex fuel is the biggest since 2009.

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