The Labor Department reported on Tuesday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, edged down 0.1 percent m-o-m in October, following a revised 0.2 percent m-o-m gain in September (originally a 0.3 percent m-o-m rise). This marked the first monthly decline for the index since April. Economists had expected prices to advance 0.2 percent m-o-m last month.

According to the report, the October decline was driven by a drop import fuel prices (-1.9 percent m-o-m), which, however, was partially offset by a marginal increase in prices for nonfuel imports (+0.1 percent m-o-m).

Over the 12-month period ended in October, import prices fell 1.0 percent, due to a plunge in import fuel prices (-27.4 percent), while more than offset an advance in import nonfuel prices (+1.7 percent).

Meanwhile, the price index for U.S. exports increased 0.2 percent m-o-m in October, following an unrevised 0.6 percent m-o-m climb in the previous month. The October advance was driven by higher agricultural export prices (+3.4 percent m-o-m), while prices for nonagricultural exports were flat (0.0 percent m-o-m).

Over the past 12 months, the price index for exports dropped 1.6 percent, reflecting a decline in prices of nonagricultural (-2.0 percent) exports, which more than offset higher agricultural export prices (+3.1 percent).