United States Import Prices

US import prices dropped 0.6 percent from a month earlier in November 2022, following a revised 0.4 percent decrease in the previous month and compared with market consensus of a 0.5 percent fall. It was the fifth consecutive month of decline in import prices, adding to signs of easing inflationary pressure in the world's largest economy. The cost of fuel imports slumped 2.8 percent as lower petroleum prices more than offset higher natural gas prices. In addition, nonfuel import cost decreased 0.4 percent, the largest decline since July, due to decreases in prices for nonfuel industrial supplies and materials and consumer goods, which more than offset higher prices for foods, feeds, and beverages and capital goods. On a yearly basis, import price growth slowed sharply to 2.7 percent in November, the smallest advance since January 2021.