December 13, 2019
November’s import prices rose 0.2%, according to the U.S. Bureau of Labor Statistics after declining 0.5% the previous month. This advance was mostly attributable to the higher prices in fuel imports which more than offset the decline in nonfuel goods. Nonetheless, export prices rose 0.2% in November relative to a 0.1% decrease the previous month.
Prices for import fuel rose 2.6% in November, relative to a 2.5% fall the month before. In November, the increase was attributable to 48.5% increase in natural gas prices and 1.1% increase in petroleum prices. Furthermore, the price index for import fuel over the past year rose 0.8%. On the other hand, prices for nonfuel imports declined 0.1% in November. According to BLS, “the price index for nonfuel imports decreased 1.4% over the past 12 months. Lower prices for finished goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the overall 12-month decrease in nonfuel prices.”
Exports prices rose 0.2% in November, after a 0.1% decrease the previous month. This jump was attributable to price increases in agricultural exports. Agricultural exports price index rose 2.2% in November, after rising 1.7% in October. The increase was traced back to a 3.4% rise in soybean prices. Over the past year, prices for agricultural exports rose 2.5%. Whereas, non-agricultural export prices remained unchanged in November, following a 0.2% fall in both October and September. Prices for non-agricultural exports fell 1.6% from November 2018 to November 2019; lower prices for non-agricultural industrial supplies and materials led the November over-the-year decrease.
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