US import prices rise 0.1% for second consecutive month in November 2024

U.S. import prices witnessed a modest rise of 0.1% for the second consecutive month in November 2024, according to the Bureau of Labor Statistics. This upward trend follows a decline of 0.4% in September and 0.3% in August. Alongside this, U.S. export prices held steady in November after a notable 1% increase in October, preceded by declines of 0.6% in September and 0.7% in August.

The increase in import prices was largely driven by a surge in fuel costs during November. In contrast, prices for non-fuel imports remained unchanged for the month after rising 0.2% in the prior two months. Notably, this marks the first decline in capital goods prices since May 2024, dipping by 0.1%. However, consumer goods imports continued their upward trajectory, increasing by 0.1% for the third straight month.

When examining the year-over-year figures, import prices have surged by 1.3% from November 2023, marking the largest annual increase since a 1.7% rise recorded for the year ending July 2024. On the export side, prices for agricultural goods saw a decrease of 0.4% in November following increases of 1.9% in October and 0.8% in September. Overall, non-agricultural export prices experienced a slight uptick of 0.1% in November, contrasting with a previous 0.8% gain in October.

This latest report underscores a mixed picture within the market, as companies grapple with fluctuating import and export dynamics. The trends signal ongoing adjustments influenced by both domestic and global economic factors, hinting at the complexities within the international trade landscape as 2024 draws to a close. As the situation continues to evolve, businesses will need to stay abreast of these changes to navigate the challenges they present effectively.