Falling Oil Prices Lead to Drop in Import Costs, Easing U.S. Inflation
-
The cost of imported goods fell 0.8% in October, reversing some increases in prior months as oil prices declined.
-
Import prices have fallen 2% in the past year, or 1% excluding fuel, contributing to a slowdown in overall U.S. inflation.
-
Lower oil prices have eased U.S. inflation and that's likely to continue for a while as Americans drive and fly less than in the summer.
-
Aside from energy, the cost of most imported goods has been relatively stable and on the lower side.
-
The decline in import prices caps off an encouraging week on the inflation front, according to one economist.