US import prices rise for second month in a row

US import price index rose 0.5% in October, the Labor Department said Tuesday. Expectations were for a 0.3% rise after a 0.2%  increase in September.

Import prices have risen for seven of the past eight months. The October increase was driven by higher fuel prices which more than offset declining nonfuel prices.

Despite trending up over most of 2016, import prices edged down 0.2% for the year ended in October, still being the smallest YoY decline in 2 years.

The price index for US exports increased 0.2% in October following a 0.3% advance the previous month.