Largely reflecting a rebound in fuel prices, the Labor Department released a report on Friday showing U.S. import prices increased in line with economist estimates in the month of November.
The report said import prices rose by 0.2 percent in November after falling by 0.5 percent in October. The rebound in prices matched economist estimates.
Prices for fuel imports soared by 2.6 percent in November following a 2.5 percent nosedive in October, partly reflecting a 48.5 percent spike in natural gas prices.
Excluding fuel prices, import prices edged down by 0.1 percent in November after dipping by 0.2 percent in the previous month.
The continued decrease in non-fuel import prices reflected falling prices for capital goods and foods, feeds, and beverages.
The Labor Department said export prices also edged up by 0.2 percent in November after slipping by 0.1 percent in October. Economists had expected export prices to inch up by 0.1 percent.
The uptick in export prices came as prices for agricultural exports surged up by 2.2 percent in November after jumping by 1.7 percent in October. Soybean prices led the way higher.
Meanwhile, the report said prices for non-agricultural exports came in unchanged in November after slipping by 0.2 percent in each of the two previous months.
Import prices and export prices in November were both down by 1.3 percent compared to the same month a year ago.