Import prices declined 1.6% in November after increasing 0.5% in October. Export prices declined 0.9% in November after increasing an upwardly revised 0.5% (from 0.4%) in October.
Excluding fuel, import prices were down 0.3%. Excluding agricultural products, export prices were down 1.0%.
Nonfuel import prices were up 0.3% year-over-year versus up 1.5% for the 12-month period ending in November 2017. Nonagricultural export prices were up 2.2% year-over-year versus up 3.3% for the 12-month period ending in November 2017.
Fuel import prices plunged 11.0% in November, which was the main drag on overall import prices. That was the largest one-month decline since January 2016.
Lower foods, feeds, and beverage prices were the biggest factor behind the drop in nonfuel import prices.
Agricultural export prices increased 1.8%, bolstered in part by higher prices for fruit, soybeans, and corn.
Lower prices for nonagricultural industrial supplies and materials contribute to the largest one-month decline in nonagricultural export prices since December 2015.The key takeaway from the report is that it stirred some thinking that inflation trends could be in a topping phase, which is constructive in terms of the market's belief that the Federal Reserve is apt to take a more conservative path with future rate hikes.