- Prior month import prices -0.8%. Export prices prior month -1.1%
- Import prices -0.4% vs -0.8% expected
- Export prices -0.9% vs -1.0% expected
- Import prices YoY -1.4% vs -1.8% last month (revised from -2.0%)
From the BLS press release (detailed view):
IMPORT PRICES:
Overall U.S. Import Prices: Decreased by 0.4% in November and 0.6% in October, marking the first monthly declines since June 2023. The largest decline within this period was 0.8% in March 2023. Yearly, there was a 1.4% fall in import prices up to November.
Fuel Imports:
- Declined by 5.6% in November and 3.7% in October.
- Largest monthly decrease was in November, similar to February 2023.
- Import petroleum prices dropped 7.1% in November, the most significant one-month decrease since August 2022.
- Natural gas prices increased by 38.3% in November, the largest one-month rise since December 2022.
- Overall, import fuel prices fell 10.3% over the past 12 months, with petroleum prices down 9.2% and natural gas prices down 34.8%.
All Imports Excluding Fuel:
- Prices rose 0.2% in November after declining 0.2% for three consecutive previous months.
- This increase was the first since February 2023.
- Over the past year, nonfuel import prices declined by 0.4%.
Foods, Feeds, and Beverages:
- Prices increased by 0.9% in November, after decreases in October (0.5%) and September (0.3%).
- The rise in prices for vegetables and fruit outweighed the decline in prices for fish, shellfish, and meat.
Nonfuel Industrial Supplies and Materials:
- Prices rose by 0.2% in November, recovering from a 0.6% decline in the previous month.
- This increase was driven by higher prices for nonmonetary gold.
Finished Goods:
- Prices for major finished goods import categories remained mostly unchanged in November.
- Automotive vehicles prices slightly decreased by 0.1% in November.
- The price index for capital goods and consumer goods remained unchanged in November.
EXPORT PRICES
Overall U.S. Export Prices:
- Decreased by 0.9% in both November and the preceding month.
- Experienced a 5.2% decline over the 12 months from November 2022 to November 2023.
Agricultural Exports:
- Prices increased by 0.2% in November, following a 4.1% decline over the previous three months.
- Increases in fruit and soybeans prices offset declines in corn, meat, and other foods.
- Yearly, there was a 10.5% decrease, the largest 12-month drop since March 2015 to March 2016.
All Exports Excluding Agriculture:
- Nonagricultural export prices decreased by 1.0% for the second consecutive month in November.
- Followed a 2.7% increase in the third quarter of 2023.
- Yearly decline of 4.5% up to November.
Nonagricultural Industrial Supplies and Materials:
- Prices fell 2.2% in November, continuing from a 2.4% decrease in the previous month.
- Declines driven by lower fuel prices, which decreased 5.1% in November and 4.3% in October.
- The November drop in fuel prices was the most significant since May 2023.
Finished Goods:
- Prices for all major finished goods export categories declined in November.
- Consumer goods prices decreased by 0.2% after a 0.4% drop in October.
- Capital goods prices edged down 0.1% in November, the first monthly decline since November 2022.
- Automotive vehicles prices also decreased by 0.1% in November, the first decline since April 2023, mainly due to lower prices for parts, engines, bodies, and chassis.
