2024.01.1713:34:00UTC+00U.S. Import Prices Unexpectedly Unchanged In December

Import prices in the U.S. unexpectedly came in unchanged in the month of December, according to a report released by the Labor Department on Wednesday.

The Labor Department said import prices were unchanged in December after declining by a revised 0.5 percent in November.

Economists had expected import prices to decrease by 0.5 percent compared to the 0.4 percent drop originally reported for the previous month.

The report said prices for fuel imports fell by 0.3 percent in December after plummeting by 6.4 percent in November, while prices for non-fuel imports came in unchanged in December after inching up by 0.1 percent in November.

Compared to the same month a year ago, import prices were down by 1.6 percent in December after tumbling by 1.4 percent in November.

Meanwhile, the Labor Department said export prices slid by 0.9 percent for the third consecutive month. Export prices were expected to fall by 0.6 percent.

Prices for agricultural exports fell by 0.6 percent in December after inching up by 0.1 percent in November, while prices for non-agricultural exports decreased by 0.9 percent in December after slumping by 1.0 percent n November.

Export prices in December were down by 3.2 percent compared to a year ago following a 5.2 percent year-over-year nosedive in November.