2023.12.1413:31:00UTC+00U.S. Import Prices Fall Less Than Expected In November

A report released by the Labor Department on Thursday showed U.S. import prices fell by less than expected in the month of November.

The Labor Department said import prices decreased by 0.4 percent in November following a revised 0.6 percent decline in October.

Economists had expected import prices to slide by 0.8 percent, matching the drop originally reported for the previous month.

The report showed an extended nosedive by prices for fuel imports, which plummeted by 5.6 percent in November after plunging by 3.7 percent in October.

Meanwhile, prices for non-fuel imports edged up by 0.2 percent in November after slipping by 0.2 percent in the previous month.

Prices for non-fuel imports rose for the first time since February, as higher prices for foods, feeds, and beverages and non-fuel industrial supplies and materials more than offset lower prices for automotive vehicles.

Compared to the same month a year ago, import prices in November were down by 1.4 percent following a 1.8 percent plunge in October.

The Labor Department also said export prices fell by 0.9 percent in November, matching the downwardly revised decrease in October.

Economists had expected export prices to decline by 1.0 percent compared to the 1.1 percent slump originally reported for the previous month.

Prices for non-agricultural exports tumbled by 1.0 percent for the second straight month, while prices for agricultural exports edged up by 0.2 percent in November after falling by 1.0 percent in October.

The report said the annual rate of contraction by export prices accelerated to 5.2 percent in November from 4.7 percent in October.