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U.S. import prices edged up 0.7 percent in November after falling 0.5 percent in October. November thus marks the first increase since July of this year. The gain was mainly driven by a 3.6 percent jump in petroleum import prices (−1.1 percent previously) which also increased for the first time since July. Partially offsetting rising petroleum prices, non-petroleum import prices fell 0.2 percent for the second consecutive month. On a year-over-year basis, import prices were up 9.9 percent, decelerating from October’s 10.9 percent yearly gain. Non-petroleum import prices were also up on a yearly basis with gains of 3.7 percent and slowed as well compared to October’s 4.9 percent year-over-year gains.
U.S. export prices increased 0.1 percent in November after falling 2.1 percent in October. Agricultural and food prices posted gains of 1.5 percent while nonagricultural prices marked losses of 0.1 percent. Year-over-year export prices posted gains of 4.7, but decelerated from October’s 6.3 percent pace.