US import, export prices continue rising in November

By Ovunc Kutlu

ANKARA (AA) - Import and export prices in the US continued to increase in November, according to data released Wednesday by the Labor Department.

Import prices rose 0.7%, coming in line with market estimates. The increase in October was revised to 1.5%, from 1.2%.

The price index for imports rose 11.7% in the last 12 months -- the largest annual increase since September 2011.

"In November, both higher fuel and nonfuel prices contributed to the advance," the agency said in a statement.

Export prices rose 1%, higher than the market estimate of 0.5%. The increase in October was revised to 1.6%, from 1.5%.

The price index for exports jumped 18.2% in the past 12 months -- the largest annual increase since the series was first published in September 1984.

"The November advance was driven by higher prices for wheat, fruit, cotton, and corn which more than offset lower nut and soybean prices," the statement said.