Mubasher: US import prices rose in December at a slower pace, hit by a drop in prices of non-petroleum products.

Import prices grew 0.1% during the last month of 2017, which was the smallest gain since July.

Data was significantly lower than economists’ forecasts of a 0.5% increase.

However, prices went up 3% year-on-year in December, recording their largest increase since 2011.

Excluding petroleum, import prices gained 1.3% in the 12 months ended December.

By 01:50 pm GMT, the dollar index dropped 0.45% to 92.1090.