Import Prices Down for 2nd Month in a Row

U.S. import prices fell for a second straight month in January as the cost of petroleum and industrial supplies continued to decline, the Labor Department said. Import prices fell 0.4% last month after dropping 0.8% in December. Economists had expected a 0.1% increase. But excluding volatile petroleum, import prices rose 0.3% in January after a 0.9% gain the month before. The cost of imported oil fell 5% last month after a 10.8% plunge in December. Export prices rose 0.2% in January after falling 0.1% in December. Separately, the Labor Department said the number of Americans seeking first-time unemployment benefits fell to 352,000 in the week ended Feb. 10 from a revised 363,000 the previous week, signaling that the labor market remains strong even as the economy slows. But the four-week moving average, considered a more reliable barometer of labor trends, rose to 345,000 in the same week from 333,000.