Prices for U.S. imports and exports drops

U.S. import prices fell 0.6 percent in October after falling flat in the previous month, the Department of Labor said Thursday. Prices for fuel imports dropped 1.3 percent after falling 0.7 percent in September and 2.1 percent in August. A drop in petroleum prices, down 1 percent, contributed most of the decline in October. Non-fuel import prices in September fell 0.2 percent, consistent with the previous two months. Import prices overall have dropped in three of the past six months, as the department revised the September figure to show prices were flat, rather than down 0.3 percent as previously reported. Export prices for October fell 2.1 percent with agricultural export prices down 6.5 percent and non-agricultural product prices down 1.5 percent.