Import prices drop in November 2005

December 15, 2005

Import prices decreased 1.7 percent in November following a 0.3-percent increase in October. Falling petroleum prices led the overall decrease, although nonpetroleum prices also declined.

[Chart data—TXT]

The 1.7-percent decline in import prices was only the second monthly decrease in 2005 and the largest one-month drop since April 2003. The November decrease was largely driven by an 8.0-percent decline in petroleum prices, which had dipped 1.0 percent in October.

Despite the recent decreases, petroleum prices were up 30.8 percent over the past year. Nonpetroleum prices also fell in November, decreasing 0.2 percent following 0.9-percent increases in September and October. Prices for nonpetroleum imports rose 2.6 percent for the year ended in November while overall import prices increased 7.0 percent over the same period.

Export prices fell 0.9 percent in November, the first monthly decline since August and the largest one-month drop in nearly 14 years. Both the price indexes for agricultural goods and for nonagricultural goods decreased in November, falling 0.3 percent and 0.9 percent, respectively.

These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - November 2005" (PDF) (TXT), news release USDL 05-2313.