US: Import prices declined 0.5% in January vs -0.1% expected

"U.S. import prices fell 0.5 percent in January following a 1.0-percent drop in December and a 1.7-percent decrease in November," the U.S. Bureau of Labor Statistics reported on Friday.

Key takeaways from the press release

• Prices for U.S. imports declined 0.5 percent in January and 3.1 percent over the last 3 months.
• The 3-month drop was the largest decrease since the index fell 3.1 percent from July 2015 to October 2015.
• Both fuel and nonfuel prices contributed to the January decline.
• Prices for U.S. exports decreased 0.6 percent for the second consecutive month in January.
• Export prices have only recorded one monthly advance since June.
• The price index for overall exports decreased 0.2 percent for the year ended in January, the first 12-month decline since the index fell 0.2 percent in November 2016.