U.S. import prices fell in November as the cost of petroleum and several goods continued to decline, suggesting that cheaper crude oil and a strong dollar will keep imported inflation pressures subdued for a while.
The Labor Department said on Thursday import prices dropped 0.4 percent last month after a revised 0.3 percent decrease in October. Import prices have declined in 15 of the last 17 months. Economists had forecast import prices falling 0.7 percent after a previously reported 0.5 percent drop in October.
In the 12 months through November, prices tumbled 9.4 percent. Dollar strength and a sharp decline in oil prices have dampened inflation, leaving it running well below the Federal Reserve’s 2 percent target.
