HOUSTON, Dec. 13 (Xinhua) -- U.S. import and export prices both decreased in November, the U.S. Bureau of Labor Statistics reported Thursday.
Prices for U.S. imports declined 1.6 percent in November, following a 0.5-percent rise the previous month. It is the largest monthly decline since a 1.8-percent drop in August 2015.
Despite the November drop, import prices increased 0.7 percent over the past 12 months, the smallest over-the-year advance since the index increased 0.2 percent from November 2015 to November 2016.
Import fuel prices decreased 11.0 percent in November following a 3.2-percent rise the previous month. The November drop was the largest monthly decline since the index fell 15.6 percent in January 2016.
A 12.1-percent decrease in petroleum prices contributed to the November decline in fuel prices and was the largest monthly drop since petroleum prices fell 17.2 percent in January 2016.
Despite the decrease in November, fuel prices rose 4.6 percent over the past year. The price index for petroleum increased 4.4 percent for the year ending in November.
Nonfuel import prices fell 0.3 percent in November, after ticking up 0.1 percent in October. The price index for nonfuel imports increased 0.3 percent over the past 12 months, driven by higher prices for nonfuel industrial supplies and materials, consumer goods and automotive vehicles.
U.S. export prices declined 0.9 percent in November, the largest monthly decrease since the index fell 0.9 percent in January 2016 and 1.1 percent in December 2015. Over the past year, U.S. export prices increased 1.8 percent.
The price index for agricultural exports rose 1.8 percent in November, after falling 0.2 percent in October and 1.2 percent in September. The November advance was the largest increase since the index rose 3.2 percent in March.
Nonagricultural export prices fell 1.0 percent in November following a 0.5-percent increase the previous month and a 0.2-percent advance in September. The November drop was the largest monthly decrease since the index declined 1.1 percent in December 2015. Over the past 12 months, prices for nonagricultural exports increased 2.2 percent.
