{"id":54128,"date":"2023-12-10T18:28:58","date_gmt":"2023-12-10T18:28:58","guid":{"rendered":"https:\/\/prosfunds.com\/news\/inflation-in-the-u-s-tamped-down-by-falling-cost-of-imports\/"},"modified":"2023-12-10T18:29:00","modified_gmt":"2023-12-10T18:29:00","slug":"inflation-in-the-u-s-tamped-down-by-falling-cost-of-imports","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54128","title":{"rendered":"Inflation in the U.S. tamped down by falling cost of imports"},"content":{"rendered":"
\n

The numbers:\u00a0<\/strong>The cost of imported goods fell 0.8% in October and reversed some of the increase in the prior two months as oil prices declined.<\/p>\n

Economists polled by the Wall Street Journal had estimated a 0.3% drop.<\/p>\n

If fuel is set aside, import prices declined by a smaller 0.2% last month, the government said.<\/p>\n

\n

The cost of imports has fallen 2% in the past year \u2014 or 1% excluding fuel \u2014 and contributed to a big slowdown in overall U.S. inflation.<\/p>\n

Other snapshots of U.S. inflation such as consumer and wholesale prices were also tepid in October, fostering hopes among investors that the Federal Reserve is done raising interest rates.<\/p>\n

Key details:<\/strong> The cost of foreign-produced fuel sank 6.3% last month after big increases in August and September.<\/p>\n

The cost of most other imports was either flat or lower. <\/p>\n

Export prices fell 1% in October. They are down almost 5% over the past year.<\/p>\n

Big picture:<\/strong> Lower oil prices have eased U.S. inflation and that\u2019s likely to be the case for a while. Americans aren\u2019t driving or flying as much as they were during the summer.<\/p>\n

Energy aside, the cost of most other imported goods has been relatively stable and on the lower side.<\/p>\n

Looking ahead:<\/strong> The decline in import\u00a0prices cap off an encouraging week on the inflation front,\u201d said U.S. economist Matthew Martin of Oxford Economics.<\/p>\n

Market reaction: <\/strong>The Dow Jones Industrial Average
\n DJIA,
\n +0.36%<\/bg-quote>
\n and S&P 500
\n SPX,
\n +0.41%<\/bg-quote>
\n fell in Thursday trading. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers:\u00a0The cost of imported goods fell 0.8% in October and reversed some of the increase in the prior two months as oil prices declined. Economists polled by the Wall Street Journal had estimated a 0.3% drop. If fuel is set aside, import prices declined by a smaller 0.2% last month, the government said. The […]<\/p>\n","protected":false},"author":1,"featured_media":54129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-54128","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nInflation in the U.S. tamped down by falling cost of imports | Prosfunds<\/title>\n<meta name=\"description\" content=\"The numbers:\u00a0The cost of imported goods fell 0.8% in October and reversed some of the increase in the prior two months as oil prices declined. 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