The cost of imported goods in the US rose 0.7% in November, the first hike in four months. Fuel prices led the increase, rising 3.6% in the month, yet the overall news on fuel prices is more complex:
The November increase followed declines in five of the six previous months. Fuel prices rose 31.6 percent over the past 12 months despite declining 7.2 percent between April and October. Both petroleum and natural gas prices, up 3.6 percent and 5.3 percent, respectively, in November contributed to the increase in overall fuel prices. Petroleum prices increased 33.4 percent over the past year, while natural gas prices advanced 5.8 percent for the same period.
Excluding fuel, import prices fell -0.2%, identical with the October drop, and the first overall decrease in import prices since July 2010.
US export prices rose 0.1% in November, led by a 1.5% gain in prices for agricultural products. For the 12 months ending in November, agricultural export prices rose 5.3%. Non-agricultural export prices fell -0.1% in the month.
One highlight of the report is that export fuel prices rose by 3.5% in November and have risen by 22.5% in the past 12 months. US exports of refined petroleum products have been increasing as US drivers keep their cars parked.
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