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Import prices drop 0.6% in October

Import prices drop 0.6% in October (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Import prices dropped 0.6% in October, the biggest drop in four months, the Labor Department said Thursday. Economists polled by MarketWatch had anticipated a 0.1% decline. In addition, September's import price move was revised to no change from an initially reported 0.3% gain. Fuel import prices dropped 0.6% to mark the third drop in a row as natural-gas prices tumbled, and non-fuel import prices eased 0.2%, marking the first decline in 15 months, led by drops in metal prices, capital goods, food oils and fruit. Compared to Oct. 10, import prices are up by 11.0%, driven by a 33.8% year-on-year gain in fuel prices.