The U.S. Import Price Index was up 0.2 percent in November, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 1.6 percent rise in October and was led by higher nonpetroleum import prices. Export prices rose 0.3 percent in November following a 0.7 percent advance the previous month.
Import Goods
The 0.2 percent increase in import prices for November was a smaller monthly advance than recorded in each of the previous four months. The increase was led by a 0.7 percent rise in nonpetroleum prices, the largest monthly advance for that index since January. In contrast, petroleum prices declined 2.6 percent in November after increasing 28.1 percent over the prior four months. For the year ended in November, petroleum prices were up 60.4 percent, whereas prices of nonpetroleum imports were up 3.4 percent. Overall, import prices rose 9.5 percent for the November 2003-2004 period.Prices for each of the major nonpetroleum import areas were up in November. A 2.8 percent rise in prices for nonpetroleum industrial supplies and materials, led by higher natural gas prices, was the largest contributor to the overall increase in nonpetroleum imports. Prices for industrial supplies and materials excluding all fuels were up a more modest 0.2 percent as rising prices for metals and chemicals offset lower lumber prices. Nonpetroleum industrial supplies and materials prices were up 16.0 percent over the past 12 months.
Capital goods prices and automotive vehicles prices both rose 0.2 percent last month. The increase in capital goods prices was the first since January and the index was down 1.5 percent over the past 12 months. Automotive vehicles prices were up 2.1 percent for the year ended in November. The price index for consumer goods prices was up 0.1 percent in November and 0.4 percent over the past year. The price index for foods, feeds, and beverages also rose in November, up 0.3 percent. The increase followed 1.2 percent and 1.3 percent advances in the previous two months and was led by higher vegetable prices. Over the past year, foods, feeds, and beverages prices were up 7.7 percent.
