Import prices slide more than expected in November, exports also stay negative

Marcus Lindstrom

• November Import/Export Prices: Import Prices -0.6% vs. -0.5% consensus and -0.4% prior (revised from -0.2%).
• The decline was driven by lower nonfuel and fuel prices. Import prices haven't recorded a monthly rise since the 0.2% increase in June 2022.
• Export prices: -0.3% vs. -0.4% expected and -0.4% prior (revised from -0.3%).
• During the month, lower nonagricultural prices more than offset higher agricultural prices. The index for export prices also haven't recorded a one-month advance since rising 1.1% in June 2022.
• Previously, (Dec. 9) headline, core producer price inflation came in hotter than expected in November.