U.S. Import Prices Sink 2.8% In January On Lower Oil Costs

The prices the U.S. paid for imported goods fell sharply again in January mainly because of much cheaper oil, a trend that's keeping inflation under wraps. The import price index dropped a seasonally adjusted 2.8% last month, somewhat smaller than the 3.5% declined expected by economists surveyed by MarketWatch. Excluding fuel, import prices declined by 0.7% last month. The decline in import prices in December, meanwhile, was revised to 1.9% from 2.5%, the Labor Department said Friday. The prices of U.S.-made goods exported to other nations decreased by 2% in January. For the past year import prices have tumbled 8%, but a lesser 0.9% excluding fuel.