The U.S. import price index was down 4.7% in October, according to data released by the Bureau of Labor Statistics Friday.
Thomson Reuters had predicted a 4.2% decrease for the imports index. The 3.3% decrease in the index followed a revised 2.6% decrease in import prices in September, originally reported as a 3.0% decrease.
Excluding petroleum, the import price index fell 0.9% in the month, after an unrevised 0.9% slip in September. Excluding fuels, imports were down 0.8% in the month.
Petroleum import prices slumped 16.7% in October after a revised 10.2% drop in September, originally reported as a 9.0% decrease, Labor said. In the past year, petroleum import prices have risen 13.1%, compared to a 6.7% climb in the overall import price index and a 5.0% rise in non-petroleum imports.
Meanwhile, export prices slid 1.9%, after a revised 0.8% decrease in September, originally reported as a 1.0% decline.