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First Cut: Import prices declined in October mainly due to fuels

The Import Price Index for October was down 0.5% in October from September, mainly on a 2.9% decrease in prices for fuels. The drop in fuel prices was due to a 3.7% fall in prices of petroleum and products, while prices for coal were sharply higher at up 22.3% and natural gas was up 32.0%. Excluding fuels, prices were down 0.2% which include a 0.4% decrease for food, feeds, and beverages.

Prices for finished goods remained little changed. Capital goods prices were down 0.1% in October from September, automotive vehicles were unchanged in price, and consumer goods excluding autos were down 0.1%.

There is simply little or no sign of prices pressures for inflation from imported goods.

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