WASHINGTON — The U.S. import prices increased 1.7% in November, the largest increase in five months, as some categories of non-petroleum prices climbed by the most in more than a year, the Labor Department reported today.
Export prices increased 0.8%, the largest increase since June.
Non-petroleum import prices increased 0.7%, the largest increase since June 2008. Import prices excluding all fuels rose 0.4% for the month and declined 1.0% from November last year.
Economists expected a 0.2% increase in import prices, according to the median estimate from Thomson Reuters.
Import prices increased 0.8% in October, revised higher from the 0.7% gain initially reported.
Prices of imported industrial supplies and materials increased 4.8%, the largest increase since June. Prices of these goods excluding petroleum rose 3.1%, the largest increase since June 2008. Imported capital goods prices increased 0.2%, the largest increase since a 0.2% rise in July 2008.
Consumer goods prices excluding autos fell 0.1%, the first decline since July. Imported auto prices increased 0.1%.
Imported fuel prices also rose in November increasing 7.3%, the largest increase since June, as imported petroleum prices increased 6.2%. Petroleum prices rose on a year-over-year basis in November for the first time since October 2008.
Natural gas prices surged 30% but the index is still down 31.3% over the past 12 months.
