US import prices experience first decline in 4 months

Import fuel prices plummeted by 6.3 per cent, driven by drops in petroleum and natural gas prices. Non-fuel import prices also decreased for the third consecutive month, down 0.2 per cent. In contrast, US export prices fell by 1.1 per cent in October, marking the most significant decline since May 2023, the US Bureau of Labor Statistics said in a press release.

On the international front, import prices from China remained unchanged, while those from Japan rose by 0.4 per cent. However, import prices from Canada experienced a significant 2.3 per cent decline. Export prices to China, Japan, and the European Union fell, whereas exports to Canada showed a slight increase.

Additionally, US terms of trade with various countries showed diverse movements, with a notable 2.3 per cent rise in trade with Canada. Import air freight prices edged up by 0.1 per cent, while export air freight prices saw a 12-month decline of 11.3 per cent.

ALCHEMPro News Desk (NB)