US import prices likely remained on a downtrend in September

Softer petroleum quotes, combined with projected reductions in other foreign product costs, probably pared the Import Price Index (IPI) by 0.9% in September, boosting the cumulative decline since June to 3.7%. Available data suggest that imported oil costs fell by 5.1% during the reference period, knocking six ticks off the headline measure last month. 

Reflecting the effects of a stronger greenback and weaker metals quotes, the non-oil IPI likely contracted by 0.4% in September, matching the declines recorded in July and August. 

"Our projections, if accurate, would place the overall and non-oil IPIs 11.6% and 3.5% below their respective year-ago levels", says Societe Generale.