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The numbers: The cost of imported goods fell 0.4% to mark the second decline in a row, contributing to a slowdown in U.S. inflation more broadly.
Economists polled by the Wall Street Journal had estimated a 0.8% drop.
If fuel is set aside, import prices rose a modest 0.2% last month, the government said.
Key details: Over the past year, import prices have fallen 1.4%, and they are down 0.4% if fuel is excluded.
Cheaper import prices contribute to lower U.S. inflation because Americans buy so many foreign-made products, including oil, consumer electronics and cars.
Big picture: The declining import-price index dovetails with other barometers such as the consumer-price index and the producer-price index, which also show waning U.S. inflation.
Market reaction: The Dow Jones Industrial Average
DJIA
and S&P 500
SPX
were set to rise in Thursday trades.
