Import Prices Drop 0.3% in September

The price of goods imported to the United States fell 0.3% in September on lower oil prices, the Labor Department said Wednesday.

Prices excluding petroleum rose 1.4%, as oil prices fell 3.1% in the month, Labor said.

The overall downturn followed a 0.6% gain in August.

Economists had predicted import prices would dip 0.2% in September, Bloomberg reported.

U.S. export prices rose 0.6%, following a 0.8% gain in August, Labor said.