Reflecting a steep drop in fuel prices, the Labor Department released a report on Tuesday showing a decrease in U.S. import prices in the month of November on Tuesday.
The Labor Department said import prices fell by 0.3 percent in November after climbing by a revised 0.4 percent in October.
Economists had expected import prices to drop by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.
The drop in import prices came as fuel prices plummeted by 3.9 percent, as a 4.7 percent decline in petroleum prices more than offset a 10.6 percent jump in natural gas prices.
Excluding fuel prices, import prices edged down by 0.1 percent in November, matching the slight decrease seen in October.
The report also said export prices dipped by 0.1 percent in November after rising by 0.2 percent in the previous month.
Prices for non-agricultural exports edged down by 0.1 percent, while prices for agricultural exports rose by 0.6 percent.
Compared to the same month a year ago, import prices were down by 0.1 percent and export prices were down by 0.3 percent.
by RTT Staff Writer
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