According to a report issued by the U.S. Labor Department, import prices in the United States rose unexpectedly in November. The report highlighted a 0.1 percent increase in import prices for November, aligning with a similarly revised increase in October. Initially, economists had anticipated a 0.2 percent decline, compared to the originally reported 0.3 percent rise from the previous month.
The report also noted that the annual growth rate of import prices accelerated to 1.3 percent in November, up from 0.8 percent in October. This exceeded the expected year-over-year growth, which was projected to reach 1.0 percent.
The slight monthly rise in import prices was primarily driven by a recovery in fuel import prices, which surged by 1.0 percent following a 0.8 percent decline in October. When excluding fuel imports, the prices for non-fuel imports remained steady in November, following a 0.2 percent increase in October.
Higher costs for foods, feeds, beverages, and consumer goods helped balance out the declining prices seen in non-fuel industrial supplies and materials, capital goods, and automotive vehicles.
Meanwhile, the report indicated that export prices remained stable in November, following a notably revised upward jump of 1.0 percent in October. Economists had forecast a 0.2 percent decrease in export prices, based on the initially reported 0.8 percent increase for the prior month.
Year-over-year, export prices for November rose by 0.8 percent, contrasting with a 0.1 percent dip observed in October. Within agriculture, export prices declined by 0.4 percent, following a significant 1.9 percent surge in October. Conversely, non-agricultural export prices saw a slight 0.1 percent increase in November, after experiencing a 0.8 percent rise in October.
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