US import prices fall by more than expected in November

The cost of imported goods in America fell by more than expected last month led by a drop in fuel import prices.

According to the US Department of Labor, import prices declined at a month-on-month pace of 0.6% (consensus: -0.5%).

Fuel import prices fell by 2.8% versus October and outside of fuel by 0.4%.

In annual terms meanwhile, the rate of increase in total import prices slipped to 2.7% (Barclays Research: 3.1%).

Export prices dipped by 0.3% on the month, as the cost of non-agricultural exports fell by 0.6%.

Agricultural export prices on the other hand increased by 2.3%.