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U.S. Import Price Index increased 0.7% in November
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U.S. import prices rose 0.7 percent in November, the U.S. Bureau of Labor Statistics reported today, after ticking up 0.1 percent in October. Higher prices for fuel drove the increase in November and nonfuel prices recorded no change. U.S. export prices increased 0.5 percent in November following a 0.1-percent advance the previous month.
Imports
All Imports: Import prices advanced 0.7 percent in November following rises of 0.1 percent in October and 0.8 percent in September. Higher fuel prices were the main contributor to the overall advance in import prices for November. The import price index increased 3.1 percent over the past 12 months. U.S. import prices have not recorded an over-the-year decline since a 0.2-percent drop in October 2016.
Fuel Imports: The import price index for fuels rose 7.6 percent in November, after a 0.2-percent increase in October. Rising prices for import petroleum and natural gas contributed to the increase. Petroleum prices advanced 7.2 percent in November, the largest monthly rise since the index increased 7.5 percent in October 2016. Natural gas prices rose 26.3 percent, the first monthly advance since the index increased 8.0 percent in April and the largest rise since the index advanced 28.0 percent in July 2016. Import fuel prices rose 22.2 percent over the past year driven by a 24.1-percent increase in petroleum prices. In contrast, import prices for natural gas decreased 5.6 percent for the year ended in November.
All Imports Excluding Fuel: Nonfuel import prices recorded no change in November following a 0.1 percent rise in October. Lower prices for foods, feeds, and beverages offset higher prices for nonfuel industrial supplies and materials, consumer goods, and automotive vehicles. Import capital goods prices recorded no change in November. The price index for nonfuel imports advanced 1.4 percent between November 2016 and November 2017. The 12-month increase was driven by higher prices for nonfuel industrial supplies and materials, capital goods, and consumer goods which more than offset lower prices for automotive vehicles and foods, feeds, and beverages. The last over-the-year decline in nonfuel import prices was a 0.2-percent decrease for the 12-month period ended November 2016.
Posted: December 14, 2017 Thursday 08:30 AM