Mubasher: The costs of the imported goods into the US fell in October, on the back of lower prices of imported petroleum products, according to official data released on Friday.

The price gauge for the US imports fell by 0.5% last October, after recording a drop 0.1% in September, the Bureau of Labor Statistics (BLS) said.

Costs of petroleum shipments into the US dropped by 3.7% last month, as fuel prices fell by 2.9%, having increased by 1.5%.

Stripping fuel prices, import costs were still lower by 0.1% in October from the preceding month.

Over the 12 months to October, import prices fell by 3%, the biggest annual drop since July 2016.

US export prices edged down by 0.1% last month, having a 0.2% decline in the previous month.

By 2:27 pm GMT, the EUR/USD pair rose by 0.18% to $1.1042.