Petroleum, motor vehicles lift U.S import prices in October
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Shipping containers are seen at the Port Newark Container Terminal near New York City July 2, 2009. REUTERS/Mike Segar
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
WASHINGTON, Nov 15 (Reuters) - - U.S. import prices rose for a second straight month in October as the cost of petroleum and motor vehicles increased, but persistent dollar strength continued to keep underlying imported inflation subdued.
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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Europe, U.S. trade officials lobby China on food safety rule
- Fears of Beijing gambling crackdown sends casino stocks crashing
- Climate refugees in South Asia need protection, advocates say