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Import prices drop for 3rd straight month; falling oil tames inflation

A container is loaded at the Port of Baltimore.
Andrew Harrer | Bloomberg | Getty Images

U.S. import prices fell in September for the third straight month as the cost of petroleum products declined and a strong dollar made it cheaper for Americans to buy goods from the European Union.

The Labor Department said on Friday import prices fell 0.5 percent last month, in its third consecutive decline.

Economists polled by Reuters had forecast import prices declining 0.7 percent. Export prices fell 0.2 percent during the month.