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Import prices continue to fall on oil slump

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Import prices continue to fall on oil slump

Strong dollar helps drive prices lower.

U.S. import prices fell sharply in September due to continued moderation in oil and other petroleum products and the strengthening of the US dollar, which offset increases in the cost of food.

The Labor Department reported today that import prices fell 1.3% last month after falling 1.9% in August.

Analysts had expected a 1.5% drop.

Still, the decrease was the largest in over two years, and provided Americans the opportunity to by imports at lower prices.

Leading the way were a 6.9% drop in petroleum prices and a 9% appreciation of the US dollar, which reduces the cost of imported goods.

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