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US import prices increased by 0.7% in November

U.S. import prices rose 0.7% on a monthly basis in November after posting a revised 0.1% increase in October, the Bureau of Labor Statistics said.

All imports, excluding fuel, posted zero growth in November following a revised 0.1% gain in the previous month. The price for fuel imports increased 7.6% after a revised a 0.2% increase in October.

Imports increased by an annual rate of 3.1% in November. According to the agency, import prices have not recorded a year-over-year decline since a 0.2% decrease in October 2016.

Export prices rose by 0.5% in November following a revised 0.1% increase in October as higher nonagricultural export prices offset prices of lower agricultural exports. In annual terms, export prices increased by 3.1%. Export prices have not recorded a year-over-year decline since the index dropped by 0.2% in November 2016.