US import prices advance 0.7% in November; export prices rise 0.5%

"U.S. import prices rose 0.7 percent in November after ticking up 0.1 percent in October,"  the U.S. Bureau of Labor Statistics reported on Thursday.

Higher prices for fuel drove the increase in November and nonfuel prices recorded no change.

U.S. export prices increased 0.5 percent in November following a 0.1-percent advance the previous month.

Import prices advanced 0.7 percent in November following rises of 0.1 percent in October and 0.8 percent in September.

The import price index for fuels rose 7.6 percent in November, after a 0.2-percent increase in October.

The export price index rose 0.5 percent in November, after ticking up 0.1 percent in October and advancing 0.8 percent in September.

In November, higher nonagricultural export prices offset lower prices for agricultural exports.