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U.S. import prices advanced 0.1% in November, the same as the previous month and led by higher fuel prices. Over the past year, import prices rose 1.3%, the largest year-over-year increase since July 2024. U.S. export prices were unchanged, following a 1.0% increase in October. Higher nonagricultural prices offset lower agricultural prices. Over the past year, export prices rose 0.8%.

Fuel import prices increased 1.0% in November, after declining 0.8% in October. These increases are attributed to higher prices for natural gas and petroleum in November. Nevertheless, prices for import fuel declined 8.6% over the past year. Import prices for petroleum increased 0.4% in November, after declining 11.6% from July to October. While import prices for natural gas declined 34.5% over the past year, prices increased 47.4% in November and 32.7% the previous month.

Nonfuel import prices were unchanged in November, following a 0.2% increase the two previous months. Nonfuel import prices have not declined on a monthly basis since May 2024, when they fell just 0.2%. Higher prices for foods, feeds and beverages and consumer goods offset lower prices for nonfuel industrial supplies and materials, capital goods and automotive vehicles in November. The price index for nonfuel imports increased 2.3% over the past year.

Following increases of 1.9% in October and 0.8% in September, agricultural export prices declined 0.4% in November. Over the past 12 months, agricultural export prices dropped 2.5%. On the other hand, nonagricultural export prices increased 0.1% in November, with lower prices for consumer goods offsetting higher prices for capital goods and nonagricultural foods. Prices for nonagricultural industrial supplies and materials and automotive vehicles were unchanged. Over the past year, nonagricultural export prices rose 1.2%, the largest annual increase since July 2024.