WASHINGTON - U.S. Import prices rose 0.7% in November, the first increase since a 0.1% increase in July and the largest gain since a 2.6% surge 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%.
