2019.11.1512:40:00UTC+00U.S. Import Prices Drop Much More Than Expected In October

Import prices in the U.S. fell by much more than expected in the month of October, according to a report released by the Labor Department on Friday.

The Labor Department said import prices slid by 0.5 percent in October after inching up by a revised 0.1 percent in September.

Economists had expected import prices to dip by 0.2 percent compared to the 0.2 percent uptick originally reported for the previous month.

Meanwhile, the report said export prices edged down by 0.1 percent in October after dipping by 0.2 percent in September. The modest decrease matched economist estimates.