FXStreet (Mumbai) - The official data released in the US showed the import price index in October dropped on account of a sharp fall in the petroleum import prices. The import price index fell 10.5% y/y, beating the estimated drop of 9.4%. The prior month’s reading was revised to 11.3%. Month-on-month, the number printed at -0.5% compared to the estimate of 0.1%. Petroleum import prices dipped 2.1%m/m and are down 48% y/y. Drop in import prices ex fuel is the biggest since 2009. For more information, read our latest forex news.