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US import prices record largest drop in 3 yrs

US import prices record largest drop in 3 yrs

Mubasher: The costs of the US import dropped in November, helped mainly by lower fuel prices, data released on Thursday showed.

The price index for the country’s imports rose 1.6% in November, after rising 0.5% in October, the US Bureau of Labor Statistics (BLS) reported.

This marked the largest monthly decline since August 2015 when import prices fell 1.8%.

Fuel import prices slipped 11% in November, marking the largest monthly drop since January 2016 when prices dipped 15.6%.

However, prices for US imports rose 0.7% year-on-year in November.

Omitting fuel import prices, the importing costs edged down 0.3% last month, on the back of declining prices for food and beverage, with falling prices for non-fuel industrial supplies and materials.

US export costs fell 0.9% last November after gaining 0.5% in the prior month, as lower prices for non-farm exported products more than offset higher agricultural export prices.

By 1:47 pm GMT, the EUR/USD pair went down 0.25% to $1.1341.