U.S. Import Prices Rise Unexpectedly in October, Highlighting Inflation Challenges
U.S. import prices unexpectedly increased by 0.3% in October, driven by higher costs for fuels and other goods, signaling ongoing challenges in reducing inflation. The rise followed a 0.4% decline in September, according to the U.S. Labor Department’s Bureau of Labor Statistics. Economists had forecasted a slight drop of 0.1%. Over the 12 months leading up to October, import prices were up 0.8%, reversing a 0.1% dip in September. This data reflects continued inflationary pressures on the U.S. economy despite efforts to curb rising costs.
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