WASHINGTON, Dec. 10 (UPI) -- U.S. import and export prices rose in November, the Department of Labor said Friday.
Import prices were up 1.3 percent after rising 1 percent a month earlier, the department said.
Fuel provided for the bulk of the price increase, climbing 3.7 percent after rising 3.8 percent in October. For the second consecutive month, natural gas price declines offset some of the increase in petroleum price increases. The price of natural gas dropped 3.8 percent after dropping 2.3 percent in October.
Petroleum prices rose 4.1 percent, however, propelling energy prices higher overall.
Export prices, unchanged a month earlier, rose 1.5 percent in November, the largest monthly increase since July 2008.
Compared to a year ago, export prices advanced 6.5 percent, the largest annual gain since September 2008.
Prices for corn, cotton, soybeans and wheat contributed to a 21 percent rise in agricultural export prices from November 2009 to November 2010. Cotton prices in the past year have risen 81.4 percent while corn prices have risen 43.7 percent. Wheat prices are 40.1 percent higher than a year ago and soybean prices are 19.3 percent higher.
Excluding agricultural commodities, export prices rose 0.8 percent from October to November and 5.1 percent from November 2009 to November 2010.
