A Ferrari cargo crane moves shipping containing on a U.S. trade port. (Photo: Reuters)
The Labor Department reported on Thursday import prices declined less than expected in November, falling 0.4% compared to the 0.7% economists expected. Meanwhile, export prices fell 0.6%, far more than the 0.3% forecast.
Import prices, which decreased by a revised 0.3% in October, have declined in 15 of the last 17 months. Further, in the 12 months through November, prices tanked by 9.4%. The strength of the U.S. dollar and a sharp decline in oil prices have dampened inflation, leaving it running well below the Federal Reserve’s 2 percent target.
The report also showed export prices decreased 0.6 percent last month after slipping 0.2 percent in October. They were down 6.3 percent in the 12 months through November.
