Last Update: 23-Nov-15 17:57 ET
Export Prices ex-ag.
- Lower oil prices led to a 0.5% month-over-month decline in October import prices, according to the Bureau of Labor Statistics, versus a 0.6% decline in September. Excluding fuel, import prices were still down 0.3% month-over-month after an upwardly revised 0.2% decline (from -0.3%) in September.
- Export prices declined 0.2% in October after declining 0.6% in September. Excluding agriculture, export prices fell 0.3% versus an upwardly revised 0.5% decline (from -0.6%) in September.
- The monthly decline for October left nonfuel import prices down 3.2% year-over-year. That is the largest year-over-year decline in nonfuel import prices since a 4.2% decrease between September 2008 and September 2009.
- Import fuel prices decreased 2.0% in October after a 5.4% decline in September.
- The October decline in nonfuel import prices was driven by lower prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; autos; and capital goods.
- Nonagricultural export prices are down 6.1% year-over-year.
- The monthly decline in export prices, excluding agriculture, was led by lower prices for nonagricultural industrial supplies and materials, consumer goods, and autos.
- The import price data doesn't necessarily help the Fed's case for a December rate hike. Then again, the Fed continues to think the forces driving down import prices are transitory. On that note, there hasn't been a monthly advance in the nonfuel import price index since July 2014.