October 2008 U.S. Import and Export Price Indexes — 2008-11-14

The U.S. Import Price Index fell for the third consecutive month, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, decreasing 4.7 percent in October and 10.6 percent over the past three months. Export prices declined 1.9 percent in October, the third consecutive monthly decrease. Percent changes in import and export price indexes by End Use category - not seasonally adjusted - Import prices fell 4.7 percent in October after decreases of 3.3 percent and 3.0 percent in September and August, three of the four largest monthly declines for the index since being published monthly for the first time in December 1988. Despite falling 10.6 percent over the past three months, import prices increased 6.7 percent for the year ended in October. The three-month decline in import prices was largely driven by falling petroleum prices which plunged 16.7 percent in October after decreasing 10.2 percent and 9.7 percent, respectively, in September and August.