US import prices fell for the fifth consecutive month in November, influenced by lower costs for petroleum products and a range of other goods, supporting the view that inflation may continue to moderate in the coming months.
Import prices, which exclude tariffs, fell 0.6% last month, after falling 0.4% in October, the Labor Department said on Wednesday (14). Economists polled by Reuters had forecast a 0.5% decline.
In the 12 months through November, import prices rose 2.7%, the smallest gain since January 2021, after rising 4.1% in October.
The government reported on Tuesday that consumer prices rose moderately in November. The Federal Reserve, which is on its fastest rate hike since the 1980s, is set to raise rates by 50 basis points on Wednesday, snapping a run of four consecutive 75-point hikes.
Imported fuel prices fell 2.8% last month, after falling 2.7% in October. Oil prices dropped 3.3%, while the cost of imported food increased by 1.8%.
Excluding fuel and food, import prices fell 0.6%, down 0.1% in October. Core import prices are being pressured by the strength of the dollar against the currencies of the United States’ main trading partners. The dollar has gained about 6.2% on a trade-weighted basis this year.
Source: CNN Brasil
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