Import Prices Post Biggest Gain in a Year

Reuters

U.S. import prices in November rose at their fastest pace in a year as petroleum and food costs maintained their upward trend, according to a government report on Friday that hinted at a pick up in imported inflation.

Import prices jumped 1.3 percent, the largest rise since November 2009, after advancing by a revised 1.0 percent in October, the Labor Department said.

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Analysts polled by Reuters had forecast import prices rising 0.8 percent last month from a previously reported 0.9 percent increase in October. In the 12 months to November, import prices increased 3.7 percent.

Export prices surged 1.5 percent, the biggest increase since July 2008, after rising 0.8 percent in October. Economists had expected export prices to increase 0.6 percent.

Compared to November last year, export prices were up 6.5 percent, the largest gain since September 2008.

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