US import price index undershoots forecasts in September

The cost in the US of goods purchased overseas undershot economists' forecasts last month as the fuel prices plummeted.

According to the US Department of Labor, in seasonally adjusted terms the country's import price index dropped at a month-on-month pace of 0.4%.

Economists had pencilled in a dip of 0.1%.

Fuel import prices fell by 7.0% versus August, whilst those of non-fuel imports edged up by 0.1%.

Export prices meanwhile were down by 0.7%, as the cost of non-agricultural exports fell by 0.9%.

Agricultural export prices on the other hand rose by 0.6%.