November Import Prices Increase Due to Rising Energy Costs

In November, U.S. import prices ticked up by 0.1%, staying consistent with the previous month, driven by higher fuel prices. Over the last year, import prices increased by 1.3%, marking the most substantial year-over-year growth since July 2024. On the export side, prices remained steady after a 1.0% increase in October. While agricultural export prices declined by 0.4%, nonagricultural export prices went up by 0.1% in November.

In terms of fuel import prices, there was a 1.0% increase in November, a reversal from the 0.8% decline in October. This rise can be linked to higher prices for natural gas and petroleum. Despite this recent uptick, import fuel costs fell by 8.6% over the past year. Import prices for petroleum saw a 0.4% increase in November, bouncing back from an 11.6% decline from July to October. Natural gas import prices dropped by 34.5% over the year, but in November, they surged 47.4% and had previously increased by 32.7%.

Nonfuel import prices held steady in November following two consecutive months of a 0.2% increase. Notably, nonfuel import prices have not seen a monthly decrease since May 2024. Higher prices for foods, feeds, and beverages, as well as consumer goods, offset the lower prices for nonfuel industrial supplies and materials, capital goods, and automotive vehicles in November. The price index for nonfuel imports rose by 2.3% over the past year.

Despite a decline of 0.4% in agricultural export prices in November, there was a 1.2% increase in nonagricultural export prices. This boost was driven by higher prices for capital goods and nonagricultural foods. Over the last year, nonagricultural export prices rose by 1.2%, marking the most substantial annual increase since July 2024.