US import prices decline sharply in September

The prices the US paid for imported goods declined more than expected in September, data released on Friday showed.

Excluding fuel, import prices fell 0.1% month-on-month compared with a 1.6% drop in the previous month and with analysts’ expectations for 0.5% decline.

On a year-on-year basis, import prices tumbled 10.7%, with the slump in oil prices considered to be the main driver behind the drop.

The figure, however, marked a slightly narrower decline compared with the 11.3% fall in August and with analysts’ expectations calling for a 11.2% drop.

"We think that following dollar strength and amid uncertainty about economic activity abroad, imported price pressures are likely to remain subdued in the coming months and act as a drag on consumer goods prices," analysts at Barclays said.