U.S. import prices in October fell by 2.4 percent, marking their biggest drop since the government began publishing the figures.
The decline was driven by a 15.7 percent monthly drop in oil import prices, the largest in a decade. Excluding petroleum, U.S. import prices in October fell by just 0.4 of a percent, after a drop of 0.1 percent the month before.
Analysts say the fall in import prices will keep inflation under control. They expect import prices to remain subdued due to the slowing world economy and the fall in commodity prices.