US import prices dropped in November

U.S. import prices fell 0.9 percent in November, with declines pushed by lower fuel costs, the Labor Department said Wednesday. Export prices fell 0.7 percent in the month with a decline in non-agricultural exports down 0.4 percent and the price of agricultural exports up 0.1 percent. On a 12-month basis, import prices were down 1.6 percent in November, while export prices from November 2011 were up 0.7 percent. Over 12 months, agricultural export prices have jumped 10 percent, while non-agricultural export prices have dropped 0.4 percent. Fuel prices over 12 months are down 7 percent, a contrast to the previous 12 months in which imported fuel costs were up 32.4 percent, the department said.