A report released by the Labor Department on Thursday showed U.S. import prices fell by less than expected in the month of November.<\/p>\n
The Labor Department said import prices decreased by 0.4 percent in November following a revised 0.6 percent decline in October.<\/p>\n
Economists had expected import prices to slide by 0.8 percent, matching the drop originally reported for the previous month.<\/p>\n
The report showed an extended nosedive by prices for fuel imports, which plummeted by 5.6 percent in November after plunging by 3.7 percent in October.<\/p>\n
Meanwhile, prices for non-fuel imports edged up by 0.2 percent in November after slipping by 0.2 percent in the previous month.<\/p>\n
Prices for non-fuel imports rose for the first time since February, as higher prices for foods, feeds, and beverages and non-fuel industrial supplies and materials more than offset lower prices for automotive vehicles.<\/p>\n
Compared to the same month a year ago, import prices in November were down by 1.4 percent following a 1.8 percent plunge in October.<\/p>\n
The Labor Department also said export prices fell by 0.9 percent in November, matching the downwardly revised decrease in October.<\/p>\n
Economists had expected export prices to decline by 1.0 percent compared to the 1.1 percent slump originally reported for the previous month.<\/p>\n
Prices for non-agricultural exports tumbled by 1.0 percent for the second straight month, while prices for agricultural exports edged up by 0.2 percent in November after falling by 1.0 percent in October.<\/p>\n
The report said the annual rate of contraction by export prices accelerated to 5.2 percent in November from 4.7 percent in October. <\/p>\n