The U.S. import prices modestly rose by 0.1 percent for the second consecutive month, according to the latest report from the Bureau of Labor Statistics (BLS). This rise was primarily fueled by an uptick in fuel prices, which saw a 1 percent increase after a previous decline.
Export prices, meanwhile, remained stable in November, with no change reported following a 1 percent rise in October.
While the overall import prices saw only a slight increase, fuel imports, which include petroleum and natural gas, showed notable fluctuations. Natural gas prices surged by 47.4 percent in November alone, marking one of the largest month-to-month increases since December 2022. Despite this rise, the annual perspective shows an 8.6 percent decline in fuel import prices, illustrating the high volatility in energy commodities over the past year.
Nonfuel import prices remained unchanged in November, maintaining stability after modest gains in previous months. This steadiness points to a balanced import market for non-energy goods, despite ongoing global economic pressures.
This apparent stability on export front masks the underlying dynamics in export categories. Agricultural exports declined by 0.4 percent, affected by lower prices for soybeans and fruits, while nonagricultural exports ticked up by 0.1 percent, buoyed by increases in capital goods and nonagricultural foods.
The year-over-year data showed a modest 0.8 percent rise in overall export prices, indicating slight growth in the value of U.S. goods abroad despite mixed performance in key sectors.
The BLS report also highlighted regional trade dynamics, showing varied trends in import and export prices by country. Import prices from China and Japan saw declines, with China’s prices decreasing slightly by 0.1 percent for the second consecutive month. Export prices to key markets like China, Japan, and Mexico also showed diverse trends, reflecting the complex interplay of trade relations and economic conditions.
Source: Bureau of Labor Statistics Press Release