Import prices in the United States rose by 0.
1% in November 2024, marking the second consecutive monthly increase, according to a report from the U.S. Bureau of Labor Statistics (BLS).
This uptick follows a 0.1% rise in October, suggesting a continued trend of rising costs for imported goods.
The increase in November was primarily driven by higher prices for nonfuel imports, which rose by 0.3%. This marks the largest monthly gain for nonfuel imports since July 2023. Prices for consumer goods, particularly clothing and electronics, played a key role in pushing the overall index higher.
Fuel import prices, however, saw a slight decline of 0.2% in November, mainly due to lower costs for petroleum products, despite the overall upward trend in import costs.
On a year-over-year basis, import prices were up 2.
4% in November compared to the same month in 2023. This annual increase was largely attributed to the rise in fuel prices over the past year.
The report highlights the ongoing impact of global supply chain disruptions, fluctuating energy prices, and shifting demand patterns on U.
S. import costs. Analysts suggest that continued pressure from these factors could result in sustained upward trends in import prices, potentially affecting U.S. consumer prices in the coming months.
The BLS data provides key insights into inflationary trends and offers a gauge for businesses and policymakers to assess the broader economic landscape moving forward.
