2017.12.1409:42:00UTC+00U.S. Import Prices Climb In Line With Estimates In November

A report released by the Labor Department on Thursday showed U.S. import prices increased in line with economist estimates in the month of November, while export prices rose by much more than anticipated.

The Labor Department said its import price index climbed by 0.7 percent in November after inching up by 0.1 percent in October.

The increase in import prices was primarily due to a spike in prices for fuel imports, which soared by 7.6 percent in November after edging up by 0.2 percent in the previous month.

Excluding the jump in fuel prices, import prices were unchanged in November after ticking up by 0.1 percent in October.

The report also said export prices rose by 0.5 percent in November after creeping up by 0.1 percent in the previous month. Economists had expected export prices to edge up by 0.2 percent.

While prices for agricultural exports fell by 0.6 percent, prices for non-agricultural exports climbed by 0.6 percent.

Compared to the same month a year ago, import and export prices were both up by 3.1 percent in November.