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Friday, December 14, 2018 9:11:05 AM EST

Export Prices ex-ag. Updated 13-Dec-18 09:38AM ET

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.
Imports, ex-petrol-0.3%0.1%0.0%-0.2%-0.2%
Imports, Petrol-11.0%3.2%-0.1%-2.1%0.8%
Exports, ex-agricultural-1.0%0.5%0.2%-0.2%0.1%