Import Prices Jump 0.7%; Export Prices Rise 0.1%

WASHINGTON — U.S. import prices rose 0.7% in November, the first increase since a 0.1% one in July and the largest gain since a 2.6% one in April, the Labor Department reported Wednesday.

The November increase was lower than the 0.9% median gain projected by economists polled by Thomson Reuters.

Import prices for October were revised to show a 0.5% drop from the previous month.

The increase in import prices in November reflected a 3.6% gain in fuel import prices. Petroleum import prices rose 3.6% and natural gas import prices climbed 5.3%.

Year over year, import prices for November were up 9.9% while they were up 10.9% year over year in October.

Export prices rose 0.1% in November, after falling 2.1% in October. The November increase was led by prices for exports of food, feed, and beverages, which were up 1.9%, and agricultural exports, which climbed 1.5%.

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