US import prices fall by 0.6% in Nov 2022; export prices fell by 0.3%

Lower non-fuel and fuel prices contributed to the November decline in US import prices.

US import prices decreased by 0.6 per cent in November this year following a 0.4-per cent drop the previous month, according to the Bureau of Labour Statistics, which reported that export prices fell by 0.3 per cent in November after dropping by 0.4 per cent the previous month and have not recorded a one-month rise since rising by 1.1 per cent in June.

US import prices declined by 4.6 per cent from June to November, after rising by 8.1 per cent in the first half of this year. Despite the recent decreases, prices for US imports rose by 2.7 per cent over the past year, the smallest 12-month advance since January 2021.

Non-fuel import prices decreased by 0.4 per cent in November, the largest one-month decline since a 0.5-per cent drop in July 2022. Prices for nonfuel imports have not recorded a monthly advance since April 2022.

Non-fuel industrial supplies and materials prices declined by 2.4 per cent in November and have not recorded a monthly advance since rising 0.6 per cent in April 2022.

Import prices were mixed for the major finished goods categories in November. Consumer goods prices fell by 0.2 per cent following declines of 0.3 per cent in October and 0.2 per cent in September.

Lower non-agricultural prices in November more than offset higher agricultural prices. Prices for US exports rose by 6.3 per cent from November 2021 to November 2022, the smallest 12-month increase since February 2021.

Export prices were mostly down for the major finished goods categories in November. Capital goods prices declined by 0.2 per cent, the first monthly decrease since the index fell 0.2 per cent in November 2020.

Fibre2Fashion News Desk (DS)