With prices for U.S. fuel imports pulling back in December after showing a sharp increase in the previous month, the Labor Department released a report on Friday showing a modest drop in overall import prices. Export prices also fell during the month due in part to a notable decrease in prices for agricultural exports.
The Labor Department said imports prices edged down by 0.1 percent in December after rising by an upwardly revised 0.8 percent in November.
The drop was largely due to a 0.5 percent decrease in prices for fuel imports, which moved back to the downside after jumping by 3.7 percent in the previous month.
Excluding the decrease in prices for fuel imports, import prices inched up by 0.1 percent in December compared to a 0.2 percent drop in November.
The modest increase in prices for non-fuel imports reflected higher prices for each of the major finished goods categories.
Additionally, the report showed that export prices fell by 0.5 percent in December following a 0.1 percent increase in November.
Prices for agricultural exports showed a significant decrease during the month, falling by 2.6 percent after climbing by 1.7 percent in the previous month.
Non-agricultural exports prices fell by 0.2 percent in December, matching the decrease seen in November. The drop reflected lower prices for non-agricultural supplies and materials.
Compared to the same month a year ago, import prices were up by 8.5 percent in December, while export prices were up by 3.6 percent.
With prices for U.S. fuel imports pulling back in December after showing a sharp increase in the previous month, the Labor Department released a report on Friday showing a modest drop in overall import prices. Export prices also fell during the month due in part to a notable decrease in prices for agricultural exports.The Labor Department said imports prices edged down by 0.1 percent in December after rising by an upwardly revised 0.8 percent in November.
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