US import prices rise more than forecast in October

The cost of goods purchased overseas rose more than expected in October as the price of fuel imports shot higher.

US import prices increased by 0.5% month-on-month but were 0.2% lower in comparison to year ago levels, according to the Bureau of Labor Statistics.

Economists had penciled in a rise of 0.3% on the month.

Fuel import prices rose by 7.2% versus September while those for non-fuel imports slipped 0.1%.

Export prices increased by 0.2% over the month, with those for agricultural products rising 0.4% and those for the rest rising by 0.2%.

In comparison to a year ago, total export prices slipped 1.1%.