US Import Prices Showed the Biggest Fall Since August 2015 in November

Forex News

US import prices dropped by the most in more than three years in November, amid fall of the cost of petroleum products and a strong dollar. The US Labor Department reported, that import prices fell by 1.6% last month, after 0.5% increase in October. It was the biggest decline since August 2015. Economists had forecast import prices falling by 0.9% in November.

On an annualized basis, US import prices increased by 0.7%, followed a 3.3% rise in October. That was the smallest annual increase since November 2016.

Excluding fuels and food, import prices dropped by 0.2% last month after being unchanged in October. Core import prices increased by 0.4% in the 12 months through November.

The report also showed that export prices fell by 0.9% in November (the biggest drop since January 2016) after rising 0.5% in October. Export prices rose by 1.8% on a year-on-year basis last month, after rising 3.1% in October.