US import prices down 1.1% in January

US import prices fell for the seventh consecutive month in January, primarily on the back of lower fuel prices, data released by the Labor Department showed.

The prices paid by the US for imported goods slid 1.1% compared with a revised 1.1% drop in December, and economists’ expectations for a 1.4% decline.

US export prices also fell in January, down 0.8% following a 1.1% drop the previous month.

The price of imported petroleum slid 13.4% from December, marking its largest drop since August. Natural gas prices, meanwhile, were down 3.2%.