US import price index fell -0.8% mom in October, larger decline than expectation of -0.3% mom. That’s the first monthly drop since June, and the largest since March.
Prices for import fuel declined -6.3% mom, after advancing 6.3% mom the previous month. The October drop was the first 1-month decrease since May and the largest monthly decline since September 2022.
Nonfuel import prices declined -0.2% mom for the third consecutive month. Prices for nonfuel imports have not recorded a monthly advance since February.