November Import Prices Drop 0.9%
A release from the U.S. Department of Labor Wednesday showed American import prices dropped by 0.9% in November, the largest decrease since June, exceeding economist estimates of a 0.5% drop. Export prices also sank at a five-month high, falling 0.7% for the month. Over the past year, import prices have dropped 1.6% while export prices have risen 0.7%.
The declining price of fuel particularly hit imports in November: Fuel import prices fell 3% for the month, while the price of all non-fuel imports declined by just 0.2%. It's part of a year-long trend for fuel, as the import has seen prices shrink by 7% between November 2011 and 2012 after rising more than 32% over the prior year.
On the export side, agricultural exports have surged even as the prices of all other exports have remained mostly flat over the past year; agricultural good prices are up 10% over that time.
The article November Import Prices Drop 0.9% originally appeared on Fool.com.Dan Carroll has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.