Import prices
  • 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.