Financial News: U.S. Import Prices Unexpectedly Edge Higher In November

U.S. Import Prices Unexpectedly Edge Higher In November

12/13/2024 - 09:48:00 (RTTNews)

(RTTNews) - Import prices in the U.S. unexpectedly edged higher in the month of November, according to a report released by the Labor Department on Friday.

The Labor Department said import prices crept up by 0.1 percent in November, matching the downwardly revised uptick in October.

Economists had expected import prices to dip by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.

The report also said the annual rate of import price growth accelerated to 1.3 percent in November from 0.8 percent in October. The year-over-year growth was expected to accelerate to 1.0 percent.

The modest monthly increase by import prices largely reflected a rebound by pries for fuel imports which shot up by 1.0 percent in November after falling by 0.8 percent in October.

Excluding the jump by prices for fuel imports, prices for non-fuel imports were unchanged in November after rising by 0.2 percent in October.

The Labor Department said higher prices for foods, feeds, and beverages and consumer goods offset lower prices for non-fuel industrial supplies and materials, capital goods and automotive vehicles.

Meanwhile, the report said export prices were unchanged in November after jumping by an upwardly revised 1.0 percent in October.

Economists had expected export prices to slip by 0.2 percent compared to the 0.8 percent advance originally reported for the previous month.

Export prices in November were up by 0.8 percent compared to the same month a year ago after edging down by 0.1 percent year-over-year in October.

The Labor Department said prices for agricultural exports fell by 0.4 percent in November after surging by 1.9 percent in October.

On the other hand, prices for non-agricultural exports inched up by 0.1 percent in November after climbing by 0.8 percent in October.

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