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Import prices dropped −0.6 percent in November after falling at the same pace in October. Petroleum prices plummeted −3.5 percent, driving the drop in the overall index. November marks the second month where petroleum prices fell by more than 3.0 percent on a monthly basis. Nonpetroleum prices maintained October’s pace and edged up 0.1 percent. On a year-over-year basis, import prices fell −1.5 percent, marking the third consecutive month of yearly declines. Petroleum prices fell −2.8 percent on a yearly basis, while nonpetroleum prices dropped −1.2 percent. Nonpetroleum prices have now fallen on a yearly basis for nine consecutive months. Overall, November’s trade price report largely extends the weakness seen in October’s report.
Export prices increased 0.1 percent in November after falling −0.6 percent in October. On a year-over-year basis, export prices fell −1.6 percent, marking four months of consecutive declines.